I think Holmes beat both Foreman and Ali as early as 1977, and had either fight come off, there would be some serious debate as Holmes being the #1 all time heavyweight. Holmes would have likely beaten Frazier in 1977 and beyond as well. In fact, Holmes could have beaten Ali before 1977 as he routinely got the better of Ali in the gym, and was not invited back to Ali's camp because by the mid 1970's Holmes was " too fast " for Ali.
Larry stopped being Ali's sparring partner in 1975. He was starting to get the better of Ali then and he realized he could beat him and that he couldn't learn more. Although, Larry does also admit Ali was a crap gym fighter.
Absolute shame Ali didn't fight Holmes earlier. Too much risk, too little reward... He was still a massive cash cow and would be for years to come before losing to Holmes.
I wish Larry fought Ali for the title in 1977. It wouldn't be as sad, and Holmes wouldn't have to take it easy on Muhammad and beg the ref to stop the fight.
Honestly, I wouldn't be suprised is Ali fought a decent fight and got the decision against Holmes if they had fought a few years earlier. Like I said, Ali was still a cash cow to the very end of his career. Jimmy Young, Ken Norton and even Earnie Shavers learned this. What pedigree did Holmes have early on that would lead to a different result? That might actually ENDURE the people to Holmes for a change, taking his side after a close'ish yet clear bad decision. Who knows.