Canelo by 9th round TKO.
Interesting fight. The truth is that Canelo Alvarez hasn't even hit his prime yet. It would be an explosive fight, but I'm gonna say Canelo. Here's why:
* Fernando Vargas's greatest strength was his warrior mentality and willingness to die in the ring if necessary...this is what fans want in a fighter, but it's a fighter's downfall when facing the likes of a slugger like Alvarez. Vargas never worried about defense, instead trying to slug it out and score a knockout. Again, makes for an entertaining fight...but is playing with fire (Youtube Vargas vs. Felix Trinidad in Dec. 2000 for a prime example)
* Alvarez can take a punch. He has a pretty solid chin. This negates Vargas's greatest strength.
* Vargas cuts and bruises easily. His face would be a true nightmare taking Canelo's sledgehammer punches.
--- In all, Canelo would win via a knockout in the middle rounds or a stoppage on cuts/bruises.
I think Vargas was the better fighter with stronger fight credentials compared to Canelo in their respective undefeated prime with wins over the likes of Yori Boy Campas, Raul Martinez, Ike Quartey and especially Winky Wright who I think was far better than the guys Canelo had already faced at the similar juncture of their careers (and I dare say, even beyond).
I think at that point, Vargas was the bigger and stronger fighter and I think he will use those assets to beat Canelo by close but unanimous decision.
WHOA, guys! We are comparing El Feroz and Canelo in their UNDEFEATED PRIMEs here, if you care to remember? Give Vargas a little respect and let us temper with the praises for Alvarez, shall we?
Man this would have been a pretty good fight. Prime Vargas was a tough warrior who was strong and could punch pretty good. I think Vargas could match Canelo in strength and could be physical with him. Maybe Canelo hits slightly harder and I don't know if Vargas' chin could hold up for 12 rounds against Canelo. Tough fight to pick, but I'd say Canelo by a late round stoppage in a thrilling war in which both guys hit the canvas at least once.