The UFC has two legendary welterweights facing off in the main event of UFC 137 on Saturday night as B.J. Penn takes on Nick Diaz.

Penn is a former UFC welterweight and lightweight champion while Nick Diaz was the Strikeforce welterweight champion prior to leaving the organization for greener pastures.

Penn (16-7-2) comes into this three-round contest as the favorite over Diaz (26-7-1), as Penn has odds of -125 to top Diaz, who has a money line of -105. Both fighters have similar styles as each relies on boxing and jiu-jitsu to win fights. Penn may have the edge in regards to wrestling, but Diaz will have a big size edge in terms of mass and reach. Both fighters will be sure to leave everything in the octagon, which makes this fight very interesting.

The co-main event also has a very competitive contest as heavyweights Cheick Kongo (26-6-2) and Matt Mitrione (5-0) face off with the winner emerging as a top-10 contender in the division.

Mitrione is the slight favorite, with a money line of -140 while Kongo has odds of +110 to win. Both fighters are primarily strikers, but Mitrione packs the harder punch and is more mobile while Kongo has a slightly better ground game. Mitrione will look to keep the fight standing and stick-and-move while Kongo will look to utilize leg kicks and takedowns to finish the fight with ground-and-pound.

For complete UFC 137 betting odds, check out the jump.

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Here’s a weekly rundown of MMA content from Ben Goldstein of CagePotato.com:

– Gina Carano (above photo) looks pretty hot as a pin-up girl.

– Toby Imada pulled off the most epic submission in MMA history against Jorge Masvidal at last weekend’s Bellator event.

– Hatsu Hioki, Marlon Sandro, Michihiro Omigawa, and Masanori Kanehara advanced to the semi-finals of Sengoku’s featherweight grand prix.

– Team U.S. and Team U.K. split a pair of quarterfinal fights, while a bounty offered for knocked-out teeth hilariously backfired on Wednesday’s episode of The Ultimate Fighter. Plus, will Rampage Jackson return for season 10?

– With Houston Alexander’s hand injury, UFC 98 becomes the second-most-cursed card in UFC history. Nevertheless, the show must go on, and Matt Serra has taken over video-blogging duties to promote it.

– Two new people will be inducted into the UFC Hall of Fame the day before UFC 100 in July. The smart money’s on Charles “Mask” Lewis and Chuck Liddell.

– Speaking of UFC 100, a new viral effort has been launched to get the crowd to chant “Fedor!” immediately following the Brock Lesnar/Frank Mir main event, pretty much just to screw with Dana White.

– Despite getting KTFO’d, Benji Radach is appealing his April 11th Strikeforce loss to Scott Smith.

– Your chance to win an all-expenses-paid trip to UFC 98 from CagePotato.com ends on Monday!