I was thinking Collazo UD for certain this weekend, but upon watching Collazo's preparation and mainly just his shadow boxing in the media workout I'll change my call: Collazo by 6th rd TKO, and/or a helluva beating from ringpost to ringpost for 12 rounds.
I've always thought of Collazo as a tough, savvy, and sometimes slick boxer. He has many strengths and skills including: a decent chin, heart, infighting skills, boxing (more recently), skillful and varied defense, counter punching ability, ring IQ, experience, and good fundamentals. On top of all of that, what I saw in his shadowboxing session was an intense hunger to win (he probably knows this is his last time on the big stage [another close win and he may be swept under the rug for 4 more years] and that he may have win by stoppage only b/c the judges won't be in his favor) and his technique looked sharper, defense/guard tighter, and punch technique more coordinated/balanced. I expect Collazo to sit on his punches after round 3, and once stunning Khan be ready to finish the job.
Just for fun, here's my fantasy round-by-round:
Khan on his toes throws himself at Collazo with 3-5 punch combinations. Collazo plays it cool and defends and bounces against the ropes and keeps the fight in the center of the ring. Collazo will hold when necessary (and will work in the clinch). By end of Round 1 Khan will will continue to fire at him at full speed, but Collazo will have adjusted to the speed and will start snapping Khan's head back with his own jab and start timing his counters.
Collazo is a little more assertive this round, but Khan is still trying to overwhelm him with speed. Collazo starts landing hard counters but Khan shakes his head to show that he's not hurt. It gets ugly end of round 2 but Khan nicks it on activity, not clean landed shots.
Collazo shells up as Khan fires off more, and in the middle or end of round 3 Collazo lands a monster counter that shakes Khan to the core and Hunter gives him a pep talk in between rounds.
Collazo on the offense, Khan starts sprinkling on his toes again (going straight back, leaning back, no jab in sight, no lateral movement). Khan gets tagged again and gets drawn in the war. Collazo defends well and only gets hit once in every three shots he lands. Collazo works the body and works Khan along the ropes. An uppercut snaps Khan's head back and Khan holds. Collazo continues to work on the body.
Khan starts off fast and looks fresh again, but Collazo lands another counter and makes his hold. Collazo works on the body inside the clinch. Several hooks from Collazo breaks the clinch; Collazo's jab is on point.
Hunter tells Khan he needs something big to get back in the fight. Round 6 starts and Collazo storms out. Khan goes for his fast little, flitty shots, and Collazo bombs him. Khan is on queer street and Collazo tees off one after another. The ref steps in to Khan's wobbly protests.
Luis Collazo is now in line for a title shot! :) Louie Louie Louie!
If you didn't have a chance, be free to read my post ortiz-collazo break down: