Nate Diaz just handed Dana White an unexpected strategic advantage. By turning down the blockbuster trilogy fight with Conor McGregor, the Stockton native has given the UFC something far more valuable than a single payday: a wealth of new options for their biggest star’s return. The score between the pair currently stands at one win each, and they have a massive pay-per-view history. And now, with the Irishman targeting a 2026 return after nearly five years out, the timing looked perfect. But Diaz stepping away from that option has shifted the conversation in a different direction. Because instead of chasing the biggest paycheck, the Stockton native is chasing something else as he prepares to fight Mike Perry on Netflix’s Rousey vs Carano card.

“If I went back to the UFC, they want me to fight Conor McGregor right now … I want to fight the best of the best, when they are the best,” Diaz had shared on Theo Von’s podcast recently. “Conor is great, but I’m not trying to kill off Conor when he’s on his last dying leg, literally.”

UFC commentator Jon Anik broke down why that matters during his interview with Submission Radio yesterday. While he agrees that Diaz vs McGregor trilogy makes sense, he’s not opposed to the Stockton native’s stance.

“I think it makes a lot of sense, but I sort of, I think Nate Diaz was on with Theo Von recently and maybe was suggesting that that’s not the fight that he’s looking for, and I think that’s a little bit refreshing,” Anik admitted. “If I could take that side of it to hear Nate sort of say that he, you know, he wants something maybe that competitively for him is a little bit more juicy, that he’s not necessarily there for the pageantry or the biggest possible paycheck or anything else.

“I mean, when it comes to Conor McGregor, I think maybe it’s a little inside baseball of me to think about that Max Holloway fight and the terms that I do, but I really would like to see that. But the Charles Oliveira fight makes a lot of sense as well. And as I’m commentating the BMF title fight with Charles Oliveira and Max Holloway, the whole time, (Joe) Rogan and I are thinking, wow, not man, this is boring. To me, Charles and Conor for the BMF belt makes a lot of sense, Holloway makes a lot of sense.”

While the trilogy is still “the biggest fight,” Diaz stepping away opens up new matchups for Conor McGregor. And that’s where, according to Anik, things get interesting for Dana White and the UFC. Instead of locking into one storyline, the promotion suddenly has options. From a business standpoint, one massive fight is great. But multiple viable headliners? That’s better.

Nate Diaz saying no doesn’t kill McGregor’s return; it expands it. It gives the UFC flexibility to match him based on timing, form, and storyline instead of forcing a trilogy that one side isn’t fully sold on right now, according to the longtime commentator. There’s also the long game.

Diaz isn’t closing the door forever. He’s just not interested in doing it under the current circumstances. However, fans have heard stories about ‘The Notorious’s return before and have been let down. Remember the whole Michael Chandler saga that ended with a broken pinky toe derailing the Irishman’s comeback? But what makes it feel different this time is Dana White’s tone when talking about it.

Dana White remains “optimistic” about Conor McGregor’s return in 2026

This time, there’s cautious optimism instead of overpromising. Dana White isn’t selling a confirmed return for Conor McGregor. In fact, he’s doing the opposite as the UFC boss was recently asked about talks surrounding McGregor’s return at International Fight Week in July.

“Nothing’s done… nothing’s even remotely close to be done,” he revealed.

That kind of language matters, especially when you look at how often McGregor’s comeback has been discussed without materializing. Still, there’s a shift.

“I am (optimistic),” White added. “I was pretty optimistic at the end of last year. The end of last year going into this year, I’m still confident.”

It’s subtle, but it stands out because of how this situation has played out over the last five years. Since breaking his leg in 2021, McGregor has been booked once, against Michael Chandler in 2024, only for that fight to fall apart weeks out. That’s the only time things got close.

Now, the UFC has already locked in a July 11 date at T-Mobile Arena—the slot is there, the stage is set. But the real work is happening behind closed doors. And that’s where things get complicated. The promotion’s new broadcast deal with Paramount changes the financial structure. Pay-per-view isn’t a model anymore, which means negotiations for a star like McGregor are going to look different.

At the same time, Conor McGregor himself has been more vocal than usual. He’s hinted at a return, talked about being “ready,” and pushed the idea that 2026 is the year. But for the first time in a while, the UFC isn’t tied to one outcome. If McGregor returns, they have options. If Diaz comes back later, the trilogy is still waiting. If both build momentum separately, the eventual clash only grows.