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Kim O'Reilly, CBS Sports

The question surrounding Alexander Volkanovski is no longer whether he should be ranked above Islam Makhachev or Jon Jones in the pound-for-pound rankings. The new question is becoming just how close the featherweight champion is actually getting to MMA immortality in the larger all-time rankings. 

At 34, the native of Australia not only looks like he isn't slowing down anytime soon, he continues to improve and round out his game with every emphatic title defense. 

Volkanovski continued his historically relevant run by rebounding from a disputed decision loss to Makhachev in February for the lightweight title by dominating red-hot interim featherweight beltholder Yair Rodriguez in a third-round TKO at UFC 290 last weekend. 

Whether or not Volkanovski stays at 145 pounds to welcome another high riser in Ilia Topuria or seeks a full-time move back up to lightweight for rematch with Makhachev, it's getting harder and harder to deny the fact that "Alexander the Great" is among the most well-rounded and talented fighters the sport has ever seen. 

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Volkanovski showcased his grappling prowess for the second straight fight under coach Greg Jones and continued to evolve into a striking finisher by tiring out and bloodying Rodriguez en route to the stoppage win. 

Whether or not you want to elevate Volkanovski past newly minted Hall of Famer Jose Aldo atop the featherweight G.O.A.T. debate, what he's doing simply can't be denied. Volkanovski improved to 16-0 at 145 pounds over the course of his career, which features a wide decision win over Aldo in 2019 and three wins over Max Holloway, who twice finished Aldo in featherweight title bouts. 

Volkanovski's fifth title defense at featherweight places him two behind Aldo in UFC history (although Aldo added two more in WEC before the merger). But it's the fact that he doesn't appear to be slowing down anytime soon that raises the expectations about what might still be left for Volkanovski to accomplish before his career is done.

Should he move back up in weight on a full-time basis and avenge his loss to Makhachev, a knock on the door of the upper room of all-time greats in MMA history would likely follow. 

Using a criteria that takes into account everything from accomplishments to current form, let's take a closer look at the top fighters inside the Octagon.

For CBS Sports' updated divisional rankings, click here.

Men's pound-for-pound rankings

1. Alexander Volkanovski -- Featherweight champion (25-2)

Previous ranking: No. 1

The striking wizard continued to round out his game and expand upon his legacy by finishing interim champion Yair Rodriguez at UFC 290 in July. There's simply nothing Volkanovski can't do at the highest level. Up next is a decision between a lightweight title rematch against Islam Makhachev or another difficult featherweight title defense opposite Ilia Topuria. 

2. Islam Makhachev -- Lightweight champion (24-1)

Previous ranking: 2

Lost in his victory over defending featherweight champion Alexander Volkanovski, and the subsequent fallout of dispute over the fight's scoring, was just how incredibly Makhachev has grown as a striker. His pinpoint accuracy and poise was able to prevent Volkanovski from edging him, even as his preferred wrestling game was stifled.

3. Jon Jones -- Heavyweight champion (27-1, 1 NC)

Previous ranking: 3

With nearly 50 pounds of added weight following a long-awaited move up to heavyweight, Jones removed any fears of cage rust after three years away by quickly finishing Cyril Gane to become a two-division champion. At 35, Jones' return coincided perfectly for the promotion with the exit of Francis Ngannou. Up next is former champ Stipe Miocic in November. 

4. Israel Adesanya -- Middleweight champion (24-2)

Previous ranking: No. 4

After three failed attempts across two different combat sports, Adesanya finally slayed the beast that is Alex Pereira to regain his 185-pound title in resounding fashion. With Pereira having moved up to light heavyweight, Adesanya appears poised to welcome rising challenger Dricus du Plessis in an all-African showdown. 

5. Aljamain Sterling -- Bantamweight champion (23-3)

Previous ranking: No. 5

Sterling's reign atop the deepest division in the sport hasn't always produced conclusive results but it has produced big wins over historically relevant names. Add Henry Cejudo to that list following Sterling's heady split-decision win over the former champion at UFC 288 in May. "The Funk Master" continues to raise his game to a higher level. Next up is Sean O'Malley in August.

6. Leon Edwards -- Welterweight champion (20-3, 1 NC)

Previous ranking: 6

Doubt him no more. Seven months removed from his real-life "Rocky" moment against Kamaru Usman via fifth-round knockout to commandeer the 170-pound title, Edwards doubled down in their UFC 286 rematch by taking home a majority decision. For his second title defense, Edwards is expected to face former two-time title challenger Colby Covington. 

7. Charles Oliveira -- Lightweight (34-9)

Previous ranking: 8

Was the Brazilian finish machine's one-sided title loss to Islam Mahkachev the result of a bad stylistic matchup or did Oliveira's reckless and dramatic ways finally catch up to him? The 33-year-old's performance in finishing top contender Beneil Dariush in June suggests the former. Unless Volkanovski crashes the party, a title rematch could be up next. 

8. Alexandre Pantoja -- Flyweight champion (26-5)

Previous ranking: 9

The Brazilian submission threat relied much more on his chin and iron will to edge Brandon Moreno by split decision at UFC 290 in one of the most thrilling and savage fights in flyweight history. At 33, Pantoja now owns three wins over Moreno and is riding a four-fight win streak.

9. Max Holloway -- Featherweight (24-7)

Previous ranking: 10

A master of reinvention, the 31-year-old Hawaiian star still hasn't lost to anyone not named Volkanovski at 145 pounds since 2013. Holloway bounced back big by edging Arnold Allen in April but another title shot likely depends on whether Volkanovski moves up to 155 pounds.

10. Justin Gaathje -- Lightweight (25-4)

Previous ranking: NR

At 34, it appears "The Highlight" isn't done competing for the 155-pound title. The former interim champion, who twice came up short challenging for the undisputed title over the past three years, knocked out Dustin Poirier cold in their rematch for the ceremonial BMF title at UFC 291. Not only is Gaethje riding a two-fight win streak, he has worked hard to continue evolving his game.

Dropped out: Brandon Moreno, Robert Whittaker
Just missed: Kamaru Usman, Jamahal Hill, Alex Pereira, Dustin Poirier, Dricus du Plessis

Women's pound-for-pound rankings

1. Zhang Weili -- Strawweight (23-3) 

Previous ranking: No. 2

The first Chinese-born UFC champion regained her 115-pound crown by dominating Carla Esparza at UFC 281 via second-round submission. The victory showcased Zhang's continued improvement in her grappling game yet she won't truly gain recognition as the best strawweight in the sport until she can avenge a pair of losses to Namajunas.  

2. Alexa Grasso – Flyweight champion (16-3)

Previous ranking: 3

The former strawweight contender shocked the world by becoming the first flyweight to defeat Valentina Shevchenko in a massive upset at UFC 285. In doing so, Grasso became the first female Mexican-born champion in UFC history. Unbeaten in five fights at 125 pounds, Grasso was successful in turning the division upside down. 

3. Valentina Shevchenko – Flyweight (23-4)

Previous ranking: No. 4

Her first defeat in six years brought an end to Shevchenko's dominant title reign at 125 pounds following a UFC female record seven title defenses. The fourth-round submission loss to Alexa Grasso at UFC 285 was nothing short of shocking. It remains to be seen whether an immediate rematch is in her future. 

4. Yan Xiaonan – Strawweight (17-3, 1 NC)

Previous ranking: 5

The native of China could be on the doorstep of a title shot after consecutive victories over top contenders Mackenzie Dern and Jessica Andrade. The fact that she also finished Andrade, the durable former champion, gave the victory added attention. At 33, Yan has seemingly raised her game to a new level. 

5. Rose Namajunas -- Strawweight (11-5)

Previous ranking: NR

The former two-time champion still hasn't fought since a stunning and lifeless title loss to Carla Esparza in their 2022 rematch. Namajunas did, however, surprise the MMA world by announcing a move up to flyweight against unbeaten top prospect Manon Fiorot in September.

Dropped out: Amanda Nunes
Just missed: Erin Blanchfield, Amanda Lemos, Taila Santos, Manon Fiorot, Julianna Pena