It took a lot of twists and turns, but at the end of the day, the MMA world gets the rematch it's been waiting for.

Conor McGregor was riding a gargantuan wave of momentum, both inside and outside of the Octagon. Since his UFC debut in April 2013, the Dublin-born fighter was on a seven-fight win streak, dismantling the featherweight division and earning himself a shiny gold belt to show for his efforts.

Blessed with the gift of the gab, McGregor also talked the talk, enthralling the masses with his press-conference acumen. The media-savvy quote machine swaggered and posed his way into becoming the biggest draw in the sport.

Million-plus pay-per-view sales became the norm for the 28-year-old, as he basked in the delights of his new-found fame and fortune. The man who once famously claimed that he “didn’t have a pot to p*** in” was now on top of the world, letting his mood and whims dictate which of his Bentleys he’d cruise around in on any given day.

But suddenly, everything McGregor has built – the star status that the UFC has helped cultivate – is under threat. A skinny scrapper from the streets of Stockton turned McGregor’s world upside down, and the upcoming rematch offers a chance of redemption for the Irishman, while defeat will alter the world’s perception of the Straight Blast Gym fighter, perhaps irreparably.

On 5 March this year, McGregor, already the featherweight champion, was due to take on Rafael Dos Anjos for the lightweight title; stepping up from the 145lbs division to 155lbs.

But Dos Anjos suffered a serious foot injury and had to withdraw. In stepped Nate Diaz: a natural lightweight who had also fought several times in the 170lbs division. The two fighters agreed to forgo the usual gruelling weight cut and meet at the higher welterweight limit; for the first time in his UFC tenure, McGregor would be the smaller man inside the Octagon.

McGregor was still the heavy betting favourite, though; Diaz had lost three of his last five fights and was taking the fight on just eight days’ notice.

And McGregor started the fight in typical fashion: landing heavy left-handed strikes and dominating the early exchanges; everything was going to plan. But, into the second round, after Diaz had withstood the kind of strikes that had seen many a featherweight crash to the mat, McGregor started to tire.

Diaz, who is renowned for his unparalleled cardio, took over, landing clean shots on McGregor’s chin, before forcing the Irishman to submit to a rear-naked choke.

The spell was broken: McGregor was defeated for the first time in the UFC.

McGregor respectfully gave Diaz his due credit, but at the same time insisted that he went into the fight unprepared for a fighter with such a limitless gas tank. Next time he’d be better prepared, leaner and carrying less muscle, he assured everyone.

And on 20 August, he’ll have the chance to prove to the world that the first Diaz fight was just a blip; that he had become a victim of over-confidence, and he is the superior fighter after all.

If he can do that, McGregor will be right back to the position he has always seen himself: as one of the best pound-for-pound fighters on the planet.

As the rematch will also be contested at welterweight, McGregor will leave as the featherweight champion win or lose. And he has insisted that he next fight will be a defence of his 145lbs title.

But if McGregor doesn’t get his hand raised against Diaz this time around, his star will have faded ever so slightly; his trash talk will seem less believable, and the clamour to see him fight might begin to die down.

McGregor has built himself up as the destroyer of all comers, the man who is one step ahead of the game. If he wants the MMA world to agree with his self-assessment, he’ll need to overcome Diaz at UFC 202.