A small open world with as many players as possible similar to NBA 2K's Neighborhood Park themed around the UFC. Let's say it's a large TUF compound where we're able to explore and interact with each other, challenge each other or get in line to fight the winner in one of the octagons, spectate other players as they fight in one of the octagons, cheer them or boo them with close proximity chat, buy gear from a virtual Reebok store (gi's, shoes, hats, shorts, t-shirts, etc.) or through random loot boxes.
We can buy the gear with virtual currency to subsidize the cost of producing and maintaining the game. The gear would only be used on our created walk around character, not necessarily as in ring gear.
Now to enter this space, we would be required to create a "Social Space" character that can wear the gear that we buy. This character would be separate from who we fight with in one of the octagons.
Now when it comes to fighting each other, the current winner or "King Of the Cage/Octagon" chooses the weight class and walks around with a UFC belt around his/her waist until he/she is dethroned. Also, there would be different octagons for different settings, i.e., A CAF only octagon, a non-CAF octagon, a Stand-Up only octagon, a submission only octagon, etc. Maybe a one-round only octagon, or a 3 round max with an accelerated clock to keep things moving quickly.
This space would also open things up for special events.
I've included some images of NBA 2K19's Neighborhood for reference.

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