The FOTC Joe Frazier beats any version of post exile Muhammad Ali. The 1974 Ali of the second fight was better than he was in FOTC but still drops a close decision to Frazier of '71 but he puts up an even closer fight than he did in 1971. Post FOTC Muhammad would beat post FOTC Joe ten times out of ten,though, as their first fight took more out of the winner than it did the loser.
This isn't far off base, it was an astonishingly boring, tactical fight (where Joe kept making it and Ali mostly just reacted). Iirc, Frazier was out in the 2nd round but the bell was messed up. As I mentioned, I've watched that dumb fight dozens of times and always had Frazier ahead by two points. To me Frazier was 2-1 against Ali.