If Eddie Alvarez frees himself from Bellator, he could not only become an immediate UFC lightweight title challenger but also profit handsomely from pay-per-view sales.

But if he stays with Bellator, the 28-year-old fighter won’t be in the poorhouse, either.

A UFC contract outlines the company’s intent to book Alvarez for an immediate title shot in March and offer a cut of the promotion’s pay-per-view profits, according to an exhibit in a lawsuit Bellator MMA filed against the fighter, a copy of which MMAjunkie.com (www.mmajunkie.com) today obtained.

An eight-fight deal would start Alvarez at $70,000 to show and $70,000 to win and raises in $5,000 increments with each win until it tops out at a guaranteed $210,000 for a win, the exhibit states. Alvarez would also be guaranteed a $250,000 signing bonus, payable in two installments of $85,000 and one of $80,000.

When Alvarez fights on a UFC PPV broadcast, the offer states it entitles him to $1 for each “buy” between 200,000 and 400,000 buys, $2 per buy between 400,000 and 600,000 buys, and $2.50 per buy over 600,000 buys.

Additionally, Alvarez is guaranteed a fight on a UFC on FOX card and three appearances as a commentator at UFC-branded events.

The exhibit confirms a previous claim from Bellator CEO Bjorn Rebney that his promotion merely changed window dressings on the UFC’s offer. Mentions of UFC parent company Zuffa are simply crossed out and replaced with Bellator.

It also shows Bellator offered three additional bonuses to Alvarez when Bellator decided to match the UFC’s offer. Included was a $25,000 payout for participating in a behind-the-scenes show filmed by Bellator broadcast partner Spike TV, a $100,000 payout for a head coach position on the second season of Bellator’s reality show, and a guest host spot on Spike TV’s “Road to the Championship” program.

And Alvarez stood to receive a $250,000 signing bonus upon re-upping with Bellator.

The deals are the same – on paper. But Bellator and Alvarez disagree on their value, and they’ve taken their cases to the court of public opinion.

Before they did that, though, they sued each other.

Check back with MMAjunkie.com tomorrow for a detailed breakdown of the lawsuits and a timeline of the dispute.

For more on the UFC and Bellator’s upcoming schedule, stay tuned to the MMA Rumors section of the site.

(UPDATED on 1/9/12 at 10 p.m. ET to clarify that the UFC offer states intent for an immediate title shot and pay-per-view revenue, not necessarily the guarantee of it.)