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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The Ultimate Fighting Championship holds its second-ever event on the Versus Network tonight with UFC on Versus 2. The card will feature four main bouts and here are my thoughts on those key fights.

Light Heavyweight Bout – Jon Jones (10-1) vs. Vladimir Matyushenko (24-4): Matyushenko is a tough guy but Jones is clearly the better and more promising fighter. This fight seems like a chance for Jones to be showcased on national television to hype an even bigger fight in the future. Look for Jones to dispose of Vlady with strikes in the second round and jump into the top five of the division.

Middleweight Bout – Mark Munoz (8-1) vs. Yushin Okami (25-5): This should be a tough grappling fight as both are great wrestlers. Okami has done well in his UFC career thanks to his size and strength and I expect him to pusher a faster pace than Munoz, which will open the door for him to score a TKO win in round three as Munoz tires. Okami has only lost to Chael Sonnen and Rich Franklin in the octagon and is very under-rated in terms of his skills.

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