It's been close to a year, but Matt Hughes finally returns to action in a classic "grudge match" against his nemesis Matt Serra at UFC 98. But this fight has more implications than a simple New York vs. Midwest affair. The last time we saw the former UFC welterweight champion; he was overmatched by a younger, more dynamic fighter in Thiago Alves at UFC 85. We are often reminded in this sport how quickly the mighty may fall. Just a few weeks ago, the "Iceman" Chuck Liddell lost his second straight fight, prompting the question of retirement at 39 years of age. While many people are picking Hughes to win his bout at UFC 98, what happens if he loses? Could he be the next great fighter in line for retirement?

During his extended layoff, Hughes has been doing more talking (and critiquing welterweight champions), than fighting. A more recently example is this quote worthy tidbit from a MMAfanhouse interview

"If I beat Serra - and I obviously think I will - and Thiago wins I'd love to get a rematch with Thiago. I think that fight could have gone differently if my knee hadn't gone out, so I'd love to rematch Thiago. To be honest, I didn't like the way the last GSP fight went either, so I'd love to rematch GSP"

In the last year the landscape of the welterweight division has changed drastically. Contenders like Karo Parisyan (personal issues), Chris Lytle (lost 3 of 5) and Diego Sanchez (move to 155lbs) are no longer considered legitimate threats in the 170lb division. They have been replaced by bigger and more dynamic fighters like Mike Swick, Jon Fitch, Josh Koscheck and Martin Kampmann. Should Hughes win against Serra, a list of prestigious fighters remain ahead of him. At the top of this list is Thaigo Alves, who after beating Hughes (and then Josh Koscheck) finds himself in a title fight against Georges St. Pierre at UFC 100.

Keep in mind Matt Serra is also a very interesting opponent for Hughes. Coming off the heels of a controversial Ultimate Fighter 4 finale decision win over Chris Lytle, Serra shocked the world and defeated Georges St. Pierre to win the UFC welterweight title back in 2007. Many will be quick to call his victory "lucky", but his impressive standup had some effect on the Canadian. During their re-match at UFC 83, St-Pierre rarely kept the fight against Serra on the feet, instead opting for takedowns and using his overwhelming size to ground and pound for the win.

Like Liddell faced previously, Hughes has the challenge of working his way back up the ladder in an extremely tough division. After losing the welterweight strap to Georges St. Pierre back at UFC 65 in 2006, many would argue Hughes hasn't evolved as a fighter like many of his competitors have. Josh Koscheck for example who like Hughes, comes from a wrestling background, earned most of his early UFC wins by taking his opponents down and grinding out a decision. More recently however, Koscheck has evolved his striking, which has aided in his wins over Diego Sanchez and Dustin Hazelett. Hughes is still very predictable and you have to wonder at 35 years old, does he have enough to compete with these younger fighters?

Other options include moving down to the 155lbs division, however Hughes in the past has seemed reluctant. More so, Hughes interest has peaked in moving up to the 185lbs division, particularly in a fight against UFC Middleweight champion Anderson Silva. But if his last two fights are a blueprint for middleweight fighters (ie: much bigger opponents) you have to wonder if that's the smartest move.   

Overall, Hughes has had a decorated career as a welterweight champion, and really has nothing left to prove. Like Liddell, Hughes was a pioneer in the growth of MMA and the UFC for mainstream fans. No doubt he will be in the hall of fame, and with the opening of his H.I.T squad gym, you have to wonder at this point in his career he would be better suited for coaching.

In a sport where fighters and champions are recycled like toilet paper, Hughes is one of the few fighters still around from the old regime of dominant, elite fighters. To think just a few years ago, names like Arlovski, Franklin, Hughes and Liddell were elite fighters at the top of the UFC marketing machine. Now come May 23rd, we will see where Hughes and the UFC go from here.