Eddie Alvarez 'pleased' with UFC contract

In late 2012, the UFC offered free agent Eddie Alvarez an eight-fight contract.

The contract consisted of an initial base salary at $70,000 with a $70,000 win bonus, with $5,000 increments each time Alvarez won. Additionally, the contract awarded Alvarez pay-per-view profits in his first fight and any subsequent bout in which he defended a UFC title. He was also to receive a $250,000 signing bonus, to be paid over three installments.

Alvarez, 30, accepted the deal but (as everyone knows by now) didn’t join the UFC. His former employer, Bellator MMA, exercised its right to match the deal. Alvarez, following a legal dispute with Bellator, eventually returned to its cage in 2013.

Earlier this week, Alvarez (25-3) received his unconditional release from Bellator and immediately agreed to a UFC contract. He will fight Donald Cerrone in the co-main event of UFC 178 on Sept. 27 in Las Vegas.

The second UFC president Dana White announced Alvarez’ UFC contract -- actually before that, since everyone assumed Alvarez was headed to the UFC -- the question was whether or not Alvarez would still receive such a lucrative deal.

Legally, Alvarez is refrained from sharing specific details on his UFC contract, but the former Bellator lightweight champion told ESPN.com he’s very satisfied.

“It’s comparable (to the 2012) deal -- it’s better,” Alvarez said. “Let’s just say that I’m pleased. I’m not sitting here with a sad face. That’s all I can say.”

Alvarez (25-3) said he’s looking at his initial fight in the UFC as a No. 1 contenders bout -- at least for himself. He is currently on a three-fight win streak, including a split decision over Michael Chandler for the Bellator lightweight title last November.

“I can’t speak for Dana, but I don’t want to wait in line too long,” Alvarez said. “Give me dangerous guys, let me show what I can do against them and give me a title shot. I don’t want to sit around and fight a bunch of guys I already know I can beat. I want the guys everybody thinks are dangerous. Let’s do that.

“(Cerrone’s) best attributes are his setups. He’s crafty but it’s nothing I haven’t seen before. I don’t think he’s very good defensively. I think I’ll be able to take advantage of that.”