As of January, 3rd 2011
Heavyweight
1. Cain Velasquez
2. Fedor Emelianenko
3. Fabricio Werdum
4. Junior Dos Santos
5. Alistair Overeem
6. Brock Lesnar
7. Shane Carwin
8. Antonio Rodrigo Nogueira
9. Josh Barnett
10. Antonio Silva
Not a lot of in-ring action outside of Alistair Overeem and Antonio Silva. Overeem dominates the K-1 World Grand Prix and crushes Todd Duffee in a minute and change at Dynamite!! while Mike Kyle nearly upsets "Big Foot" Silva. With the UFC guys either in limbo, injury or hiding in shame and Strikeforce actually making something happen with their division beginning in January, this list could fluctuate in the future.
Light Heavyweight
1. Mauricio Rua
2. Rashad Evans
3. Quinton Jackson
4. Lyoto Machida
5. Forrest Griffin
6. Gegard Mousasi
7. Rafael Cavalcante
8. Jon Jones
9. Ryan Bader
10. Thiago Silva
Thiago Silva reclaims his spot back in the Top 10 after returning from injury and dominating Brandon Vera at UFC 125 and "Rampage" Jackson continued to pick away at Lyoto Machida's former aura of invincibility. Dan Henderson KO'd Babalu in devastating fashion back in December, but is not quite there yet to crack the list. Forrest Griffin should be dropped for inactivity, but he has a fight lined up for February.
Middleweight
1. Anderson Silva
2. Chael Sonnen
3. Yushin Okami
4. Demian Maia
5. Vitor Belfort
6. Nate Marquardt
7. Jorge Santiago
8. Ronaldo Souza
9. Michael Bisping
10. Robbie Lawler
Yushin Okami finally gets a his well deserved title shot after edging out a lackluster Nate Marquardt. I was close to sneaking Robbie Lawler back into the Top 10, but relented as it's really easy to finish Lindland that this point, then I realized Henderson had made the move to 205, so he made it in the end. Unlike with Griffin, I finally relented and dropped a bit Vitor for such prolonged inactivity (in addition to his peers being active), but he's fighting #1 Anderson Silva in February at UFC 126, so we'll see if he climbs back up.
Welterweight
1. Georges St. Pierre
2. Jake Shields
3. Jon Fitch
4. Josh Koscheck
5. Thiago Alves
6. Nick Diaz
7. Martin Kampmann
8. Carlos Condit
9. Paul Daley
10. Ben Askren
B.J. Penn completely owned Matt Hughes out of the rankings, possibly for good, at UFC 123, Georges St. Pierre put on a jab clinic on Josh Koshcheck while Thiago Alves shows John Howard how hard it is to crack that upper echleon of welterweights at UFC 124. Let us not forget how Paul Daley faceplanted Scott Smith in his Strikeforce debut. The welterweight division has become murky after those nine, but Ben Askren has repeatedly shined so he gets the spot.
Lightweight
1. Frankie Edgar
2. Gilbert Melendez
3. Shinya Aoki
4. Eddie Alvarez
5. Gray Maynard
6. Tatsuya Kawajiri
7. Kenny Florian
8. Evan Dunham
9. George Sotiropoulos
10. Jim Miller
For years, Tatsuya Kawajiri has been the proverbial bridesmaid to Shinya Aoki, but now he has set himself up for a chance at redemption for himself and the Japanese MMA scene with a potential title shot and rematch against Gilbert Melendez after a dominant performance of Josh Thomson at Dynamite!! Gray Maynard and Frankie Edgar put on an early front runner for 2011's Fight of the Year with their dramatic fight on Janurary 1 and I was nearly moved enough to push Maynard over Alvarez, but held back. With BJ Penn moving to 170, Jim Miller finally gets his deserved mention with his quick dispatching of Charles Oliviera.
Featherweight
1. Jose Aldo
2. Michihiro Omigawa
3. Hatsu Hioki
4. Hiroyuki Takaya
5. Marlon Sandro
6. Manny Gamburyan
7. Bibiano Fernandes
8. Joe Warren
9. Diego Nunes
10. Mark Hominick
The featherweight division now is simply a deep clusterfuck. Hatsu Hioki effectively controlled Marlon Sandro in their title match at Sengoku: Soul of Fight, Hiroyuki Takaya defeating Bibiano Fernandes outright in the rematch for the DREAM FW title and Kazuyuki Miyata continues to knock at the door with his career resurgence at FW by suplexing Caol Uno round the ring at Dynamite!! With Urijah Faber down to Bantamweight, Mike Brown dropping to Diego Nunes, and Josh Grispi getting lit up by a relative unknown Dustin Poirier, there is a growing murmur that maybe the WEC guys weren't as good as everyone thought. While I think that is a bit of an overreaction, I feel that people got too enamored with seeing top guys domestically and undersold the overseas action, which is prone to happen with the United States becoming the epicenter of major and relevant MMA. And with the potential of more UFC 155 guys dropping down, ZUFFA talent pillages, continued crossover fights in Japan and their new focus on the division the the state of the weight class in general will be in flux for at least a year or two and I find it very, very exciting.