Different owners use different criteria. Common ones I've heard/seen are fastest KO (not tko), fastest (or rarest) submission, and fight of the night can go highest rating on a longer fight, or a big rivalry important fight...a few ways.

ambient

grab

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I'd still love to see a poll on adding a skill. It seems to me that the added takedowns and defense in clinch is being widely panned, but I'd love to see numbers on that so I can avoid any confirmation bias I might have. @MMATycoon