After his November 23 win over Brandon Rios, Manny Pacquiao has been named the No. 1 contender to the WBC welterweight title, currently held by Floyd Mayweather. But before anyone gets excited about this, it needs to be said that if this makes a Mayweather-Pacquiao fight any more likely than it was before, the recalculated odds of the fight happening probably went up by about 0.0001%. In other words, this means nothing, more likely than not.
Mayweather (45-0, 26 KO) holds the WBC welterweight belt, but also holds the WBC and WBA junior middleweight titles as well. The sanctioning body has long been pro-Mayweather, as he has historically preferred their belts. That means they're unlikely to strip him of either of their titles, and right now, it looks likely he'll face Amir Khan on May 3 in a welterweight fight. That would give Mayweather time to delay a decision, and perhaps defend his junior middleweight title next September, or not, and give up that belt, and so on.
But the WBC installing Pacquiao as No. 1 contender is just a thing where people like me can write internet posts like this one. MAYWEATHER VS PACQUIAO YOU GUYS isnthappening