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After his performances against Bradley and Algeri, I wouldn't go as far as to say the old Pacquiao is back but I'd say he could present a serious challenge to Mayweather.
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I think the Algeri fight was no more than a test for Pacquiao. I believe his camp wanted to get him some work against a fleet footed but light hitting opponent. Algeri gained a measure of respect, IMO, but Pacquiao was never in any danger. Algeri failed to read the script, the part where he was supposed to lie down and become Pacquiao's first KO victim in years. However, Manny got in some good work.
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I still think Mayweather would win at this point in both careers. But Pacquiao certainly strengthened his argument with his performances in 2014.
In fairness, Carl Froch raised his stock value in 2014.
Mayweather still can't be knocked.... He gave a return to Maidana after being roughed up.
Khan pushed himself to Mayweather contension..
GGG - Enough said...
Canelo rebuilt himself after his Mayweather defeat... Getting a reputation of ducking nobody - That's cool
Deontay Wilder - Still at 100% - Can't knock a guy carrying that record around..
My pick is TJ Dillashaw, Sticky. You didn't limit your question to boxing I think.
TJ beat the crap out of Renan Barao. Something people least expects he can.
Crawford proved he has legend potential
My pick is Alexander Povetkin.
Povetkin can't really improve at this point, b/c he's 35 and very experienced...BUT, he's looked tremendous and really better than he ever has this year. He's in great shape, and the KO's he scored have been some of the best of the year.
He's put on some very impressive performances this year after coming off a lackluster 2013.
Your pick?