frazier never beat a title holder level opponent after 1971, its a missmatch. the 68-71 frazier would smoke a pre championsip holmes though.
I like Holmes big here. By late-77' Smoking Joe would have been a mere shell of his former self. A razor-sharp Holmes boxes Frazier's ears off to win an easy decision. I also do not rule out a TKO or corner stoppage if Frazier's eyes swelled shut.
A prime for prime fight between these two could've been an all out classic...but this would've been an awful mismatch. Frazier was coming apart at the seams by this point. His body wouldn't take a fight with any pro version of Larry Holmes by then, I wouldn't think.
I always thought Larry at his best beats Frazier at his best. Joe was 207 at his best and Larry a little more an Larry was tall and I think he would stop Frazier in the late rounds. 1977 or 1971.
Frazier did run Muhammad Ali close in their 1974 and '75 fights. particularly the latter one,and Muhammad was still capable of beating anyone in the world,at that time. In this scenario,Holmes would have heralded his arrival as a top contender by easily decisioning a rusty post Manilla Frazier.
Joe has a shot, and could probably put Larry down if he isn't careful, however, I could see Larry using that superb jab, and stopping Joe late, probably around the 14th.
Even at their respective peaks, Larry Holmes would have a very live chance of decisioning Frazier. By 1977, Joe had little left to offer and in all liklihood would have been a mismatch.
Prime Frazier would have been a tough fight for Holmes. Holmes had more talent and more skills, but Frazier had more power and a wear-you-down, aggressive style that might have caused Holmes to wilt. I see Holmes jumping out to an early lead, but by the middle rounds, I see Joe coming on strong. Could Larry take it to the body and head as well as Ali? I don't know. Could Frazier cut off the ring, corner Holmes, and make him fight? I'm not sure. But it would have been a great fight! I think Frazier's style would have pushed Holmes to the limit though.
Joe Frazier retired for the first time after losing a second time to George Foreman in 1976. He really didn't have it anymore and he knew it by then. In 1977 Joe would have been even less formidable and would have been little more than a stepping stone for Larry Holmes in his climb to contention. Holmes by a big UD or late round stoppage. Now P4P Frazier - Holmes, that's another matter and a great fight.