Not having rankings isn't good for the grassroots. Without rankings the top looks futher away and more out of reach than in reality it probably is to most grassroots fighters. Very discouraging if you're a young ambitous fighter.
Remember the fight game is all about the grassroots!!!!!
As an MMA outsider it looks to me like the UFC has a stangle hold on the sport with only their fighters and cards considered the elite which isn't good, it strangles the sport and can lock quality fighters out of the top tier of the sport where maybe they belong for unjust reasons such as personality conflicts.
You really need a rival organisation based in the east like OneFC but much bigger to counter balance the supremacy of the UFC. Long term it will benefit the UFC, keep it on its toes and ensure its survival other wise it will be in danger of stagnating and becoing fat, lazy and complacent.
In Muay Thai you have two sets of rankings that ensure only the cream rise to the top. You have the Lumpinee & Rajadamnern stadium belts and thier top ten rankings in all weights up to about 72kgs. These belts & rankings are considered the real world class rankings and belts in the sport. Both stadiums have different promotors showcasing different fighters from different camps that ensure if your good enough you'll get seen and will have your chance to crack the top tier only if you're good enough. Sure some famous and more wealthy gyms get more oppurtunity than others but on the whole if you're good enough you'll get your crack. They counter balance each other and create exciting super fights between Lumpinee and Raja champs.
Before I get pummled into a bloody mess by the UFC fanboyz, I'm not dissing the UFC just pointing out the obvious flaw in the sports organisation. I recognise if it wasn't for the UFC MMA would probably be nothing but a distant memory in the west by now.