When Dana White’s UFC secured a seven-year, $7.7 billion deal with Paramount, it more than doubled the value of its previous media rights agreement. That kind of jump doesn’t happen quietly. Fighters, fans, and analysts immediately began asking the same question: if the company’s revenue just surged, when do the athletes see the difference?

The debate intensified after Zuffa Boxing reportedly handed British boxer Conor Benn a massive $15M payday for a single fight, leaving UFC fighters to question when a similar windfall would reach the UFC. TKO Group Holdings president and COO Mark Shapiro addressed the issue publicly this week, and he didn’t dodge the topic. Speaking at the Morgan Stanley Technology, Media, and Telecom Conference, Shapiro tied the company’s future profit margins directly to increases in athlete compensation.

“Our margins last year were, on adjusted EBITDA, 33.5%. We have announced a midpoint in our guidance, we’re going to be roughly 39.6%, so 40%. And that margin is inclusive of increase in fighter and superstar pay,” Shapiro said. “We take that very seriously.

“Right out of the gate after our CBS-Paramount deal, Dana White doubled the performance bonuses for fighters—we’re talking eight figures. And one by one, we’ll be looking at this. We are focused on all the ingredients that make our events what they are, and that starts with fighters and superstars. Whatever increases we have, and we will have increases, they are inclusive of the margins and guidance we have targeted.”

Those comments landed at the same time former UFC champion Max Holloway began urging fighters to rethink how they approach pay negotiations. Speaking to UFC legend Demetrious Johnson, Holloway pointed to a moment from 2021 that still sticks with him.

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Back then, Jon Jones reportedly asked for $10 million to face Francis Ngannou for the heavyweight title. Dana White and the UFC flat-out refused the payout. Shortly after, Derrick Lewis publicly said he would take the fight for a fraction of that amount. Holloway believes moments like that weaken fighters’ bargaining power.

“We cannot be doing that, brother. You needed to almost stand in Jon’s corner, and be like, ‘Yeah Jon, you deserve $10 million, go get that 10.’” Holloway said. “Because guess what, if he’s fighting for ten, your base pay probably comes up too. I hope that these new fighters coming in, just know your worth.”

That message comes at a moment when Dana White and the UFC have already introduced some visible changes. Earlier this year, the promotion doubled performance bonuses from $50,000 to $100,000 and added a $25,000 finish bonus for stoppage victories. Those payouts matter, but they’re not guaranteed income. They reward standout moments rather than raising base salaries across the roster, and that’s where the skepticism remains.

Michael Page claims UFC and Dana White can “fix” fighter pay issues easily

Michael ‘Venom’ Page is one of the fighters openly questioning how that revenue actually impacts the athletes in the cage. The British welterweight arrived in the UFC with a huge reputation from Bellator, but two years into his run, he’s still trying to find momentum inside the promotion. Instead of a ranked opponent, Page is now booked against the unranked Sam Patterson. That context may explain why he’s been unusually candid about the conversation surrounding fighter pay.

Speaking to Sky Sports, Page admitted the reported purses tied to Zuffa Boxing, particularly Conor Benn’s deal, were difficult for him to process.

“You’ve given that amount of money to somebody, I’d say, is not the best,” Page said. “But then you got people over here [in UFC] that are at the top. I’m gonna use Francis Ngannou simply because that’s an easy one… A heavyweight champion of the world, and he was broke and having to borrow money. Those are the kind of stories that I feel like they could fix that easily. That just shouldn’t exist.”

His argument also focused on the entry-level contracts many UFC fighters begin with—deals around $10,000 to show and $10,000 to win still exist on the lower end of the roster. Once travel costs, gym fees, management percentages, and taxes are taken out, the remaining money can shrink quickly.

According to him, fighters don’t necessarily need “millions and millions,” but reaching the highest level of the sport should at least allow athletes to train full-time without juggling other jobs.

While TKO promises change, the growing chorus of fighters like Holloway and Page suggests that until base salaries see a significant overhaul, the debate over the UFC’s financial fairness is far from over.