UFC president Dana White revealed what the newly-created "BMF" title looks like on social media, as seen below. The belt will be awarded to either Nate Diaz or Jorge Masvidal, who meet Saturday night at UFC 244 in Madison Square Garden.
The event is the 500th to be broadcast by the UFC.
Plans are also in place for the BMF title to be awarded by former WWE champion and Hollywood leading man Dwayne Johnson, better known as The Rock. Masvidal first approached Johnson about attending the event when the fight with Diaz was announced.
The 34-year-old Masvidal (34-13) is coming off consecutive knockouts over Ben Askren and Darren Till. He is 5-2 over his last seven fights, with four of those bouts ending in a finish.
Diaz returned from a three-year layoff to defeat Anthony Pettis this past August, improving to 20-11. He scored a 2016 victory over Conor McGregor, falling in the rematch via majority decision later that year.