Think ali was slight favourite as frazier had just lost big to foreman where as ali had just avenged his loss to norton. Also, with this fight being only 12 rds & joe being the slower starter aswell.
Remember this is the fight that Ali wobbles Frazier in the second round, but the referee intervenes. Ali used a lot of grab and pull Frazier down by the neck throughout the fight...but never got a point deducted for illegal tactics. Frazier never really figured out what was going on and lost a close decision.