Magomed Ankalaev leads trader consensus for Carlos Ulberg’s next light heavyweight title defense at 34 percent implied probability, reflecting his status as the division’s top active contender after a fifth-round TKO of Bogdan Guskov in Abu Dhabi last July. Ulberg captured the vacant belt with a first-round knockout of Jiri Prochazka at UFC 327 in April despite tearing his ACL, and the champion has targeted an early 2027 return while sidelined. Ankalaev’s recent win and prior championship experience position him ahead of Paulo Costa, whose ranking and recent form place him further back in the title queue at lower probability. Guskov and Jan Blachowicz trail due to recent losses and less direct paths to a matchup with the 10-fight win streak holder.