UFC on Versus 5 will take place this Sunday from Milwaukee, Wisconsin and the card features some very intriguing fights.

Oddsmakers from BetOnFighting.com have released odds for four of the main card bouts, and each fight has some pretty close money lines.

The main event features a welterweight clash between sluggers Dan Hardy and Chris Lytle. Both men come into the fight with a money line of -115. This should be an entertaining fight if nothing else, as both men are fearless strikers. Lytle should have the edge on the ground, while Hardy may have a little more power in his hands.

In the co-main event, Jim Miller looks to become the No. 1 contender to the UFC Lightweight Championship when he takes on Ben Henderson. Miller has the odds slightly in his favor, at -150, while Henderson has a money line of +120. This should be a great grappling contest, as both men have strong wrestling and submission backgrounds.

For the rest of the odds for UFC on Versus 5, check out the jump.

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The Strikeforce Heavyweight Grand Prix has made some waves with MMA fans everywhere.

Considering the log jam that is the UFC lightweight division, I thought it might be a good idea for the UFC to consider a lightweight grand prix to crown an undisputed champion. Before I unveil my quarterfinal matchups, consider that I kept any fights that are already in the works and am using just UFC fighters, not Strikeforce.

So, without further ado, here are my quarterfinals:

Frankie Edgar vs. Gray Maynard – I would have all the fights in the tournament be five round contests, so it wouldn’t take away from this planned trilogy bout. While many might think this could be the finals, why not just let these two settle the score.

Jim Miller vs. Benson Henderson – Again, these two are already signed up to fight. Miller is the expected No. 1 contender in waiting while Henderson is right on the border of being a top-5 lightweight in the UFC. This should be a great grappling contest.

Anthony Pettis vs. Melvin Guillard – Who wouldn’t want to watch these two trade blows? Despite both being strikers, each has very different styles. There will be a lot of fireworks and probably a KO of some sort.

Clay Guida vs. Dennis Siver – Guida and Siver have both established their cases to move up the contender ladder. Guida may have the wrestling to neutralize Siver, while Siver has the striking ability to best Guida. It would be a great contest between two legit lightweight contenders.

The lightweight division is as impressive a group as any in MMA.

The top 10 list features a number of different styles and contenders, but each fighter could arguably beat everyone else on the list.

Still, here are my updated top 10 lightweight rankings.

1. Frankie Edgar (13-1-1) – Edgar holds on to the top spot as he still is the UFC champion. An injury kept him from facing Gray Maynard in their long-awaited trilogy fight, but those two should collide soon and be able to settle the score as to who deserves to be the champion.

2. Gray Maynard (10-0-1) – Maynard is still unbeaten but missed out on his opportunity to win the championship when he had Edgar beaten at UFC 125. Now, he will have to wait for a third shot at Edgar this fall where he can perhaps prove to the world that he is the top lightweight in the world.

3. Gilbert Melendez (19-2) – Melendez could legitimately compete for the UFC title, but he hasn’t had the opportunity to do so. Now that the UFC is tapping into Strikeforce, perhaps a champion vs. champion bout is in the near future. Until then, Melendez looks as if he will continue to tear up Strikeforce competition.

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Wednesday night, Dana White made a big announcement by saying Strikeforce welterweight champion, Nick Diaz, will now face UFC welterweight champion, Georges St. Pierre, at UFC 137 in October.

Apparently White was able to tear up Diaz’ old contract and sign him to a new one that basically allowed White to make any matches involving Diaz that he pleased in either organization.

If White can do it once, he can do it as many times as he would like.

How about Gilbert Melendez?

The Strikeforce lightweight champion has been campaigning for a unification bout with the UFC champion and now, the planned order of contenders in the UFC seems to be shifting.

It appears that Anthony Pettis, who was the No. 1 contender after winning the WEC title, will now have to win two fights before getting a crack at the UFC strap, according to Fighters Only Magazine.

“That kid’s in a bad position. He’s supposed to be the next in line. All this craziness happens. [Edgar and Maynard] both get hurt, and it gets pushed back again. The first one is a draw, then they get hurt, and it gets pushed back again. But this is one of those things that happens in a sport like this,” says UFC president Dana White.

“I respect [Pettis] for stepping up and taking on a tough guy like Guida, and he’ll probably have to fight again before he gets a shot at one of those guys. Sucks for him. It’s a shi–y position for him to be in.”

If Pettis is fighting Guida before Edgar-Maynard III even takes place, why would he have to fight again? This tells me that White has someone else in mind as the next challenger for the UFC belt.

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A big match between two top lightweight contenders was announced late Monday night as Steve Feitl of MyJerseyCentral.com broke the news of an upcoming UFC bout between Jim Miller and Ben Henderson.

Jim Miller will get his next chance this August to stake his claim for a title shot in the crowded lightweight division of the Ultimate Fighting Championship.

The Whippany-based mixed martial artist is expected to face former World Extreme Cagefighting champion Ben Henderson, sources close to the UFC confirmed to New Jersey Press Media late Tuesday.

The bout is scheduled for “UFC on Versus 5” on Aug. 14 at the Bradley Center in Milwaukee, Wis.

Henderson (13-2) made his UFC debut last month, defeating Mark Bocek by decision.

This should be an exciting fight, but I think it is more dangerous for Miller, who has more to lose.

It is pretty well understood that Miller is the next in line for a title shot after Anthony Pettis gets a crack at the winner of Gray Maynard-Frankie Edgar III (assuming Pettis beats Clay Guida in June).

Henderson is not considered a top-10 lightweight by some, so a win over Miller would propel him into an immediate top contender in the UFC.

Stylistically, Henderson seems to have the grappling to contend with Miller and the two are similar fighters.

This should be a great scrap and I am looking forward to seeing it.