If it were me I would tell him to take it. Worse case scenario he doesn't do well and hates it and in a year he leaves. Best case he does well, gets some endorsements and a better contract. Here is a little comparison to thing about.
These are the minimum starting salaries for the big sports:
NFL - $260K
MLB - $316K (minor league minimum $52K)
NBA - $398K
NHL - $450K
So no, he's not going to make as much as other pro athletes, however you have to factor in a few things. First he is only going to fight 4 times that year. Hockey players and basketball players play over 80 games a year. Baseball players play over 160 games a year and football players will play 16 games a year. All of these sports have a preseason and post season if the team makes it. Also, your buddy didn't have to go to college or get drafted or have to wade through the bullshit that is in a lot of pro sports. For example, you may be a great outfielder, but you get stuck in the minors and never get a shot because the major league team already is full of great outfielders.
I am a fan of MMA and I will admit that I don't know a whole lot about who makes what, but I can assure you there are a lot of guys out there that make a whole hell of a lot less than that in the sport and would crawl through broken glass for that contract. If he passes it up, unless he really is something special, he may never get another shot. Like someone else posted the UFC is the big time, he's been invited to the dance. The opportunity is now there.
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