By Frank Curreri Managing Editor, KVVU.com

In many ways, the much-anticipated rematch between Matt Hughes and B.J. Penn smacks of déjà vu.

During their infamous face-off two years ago, Penn entered the Octagon as a heavy underdog, Hughes as a predator who was supposed to pounce on his prey. Then the fight started and Penn immediately slapped popular perception, and Hughes, upside the head while making one of the greatest upsets in Ultimate Fighting Championship history look remarkably easy.

The cocky Hawaiian needed only a few minutes to choke Matt Hughes into submission. He then spontaneously kissed the fallen champion and wept when the welterweight title was fitted around his waist. As Penn exulted, fans witnessed Hughes as never before: Sitting in the middle of the ring, his face frozen with a dazed look that cried out, “What just happened?”

If Penn, a natural 155-pounder who moved up 15 pounds for a shot at Hughes, thought his one-sided whipping would make believers out of his doubters, he was largely mistaken. Penn again finds himself wearing the underdog label headed into his encore showdown with Hughes this Saturday in Anaheim, Calif. Why? A popular theory holds that Penn, despite dominating Hughes in their first bout and being widely regarded as one of the world’s finest mixed martial artists, did not prevail because of his technical brilliance. Rather, he only won because of Hughes’ overconfidence.

“The only person who can beat Matt is Matt,” said Monte Cox, Hughes’ manager. “If he’s in shape and competing well, there’s no one that can beat him … It’s just not Matt if you watch the replay. That wasn’t your normal Matt Hughes.”

It is interesting to note, however, that Cox had virtually the same thing to say about Penn. In a rarity, Cox heaped praise on Penn as a fighter with the potential to be the sport’s best – if he wanted to.

“If B.J. had Matt’s work ethic, he’d be the greatest (fighter) ever, no doubt. But he just doesn’t,” Cox said.

For those unfamiliar with Penn, here’s a crash course on his spectacular resume: Penn’s fighting arsenal is loaded with precise and potent punches, vicious knees and genius submissions. He boasts wins over Hughes and Japanese sensation Takanori Gomi, both of them fixtures on pound-for-pound best lists. In a day and age when few fighters dare to move up in weight, Penn packed on 50 pounds and went the distance with 205-pound dynamo Ryoto Machida, the only man to beat UFC middleweight champion Rich Franklin (by knockout).

Penn burst on the scene after winning a world championship in Brazilian jiu-jitsu. In a rigorous sport where it usually takes 8 to 10 years to earn a black belt, Penn earned his in just three years. While fighting the sport’s best, Penn has never been stopped prematurely and in his most recent fight he battered and bloodied the face of Georges St. Pierre – something no one else has ever done -- before appearing to tire and dropping a narrow three-round decision.

By virtue of that win, St. Pierre gained a title shot against Hughes, but bowed out weeks ago due to a groin injury. St. Pierre’s misfortune gave birth to Penn’s surprise opportunity. Hughes, a former All-American college wrestler who has won 18 of his past 19 fights, has also delighted in the late switch. “He’s anxious to avenge his loss,” Cox said. “He’s pretty fired up.”

The contrast between Hughes and Penn, physically and otherwise, is striking. Hughes was raised as a farm boy; Penn is an anomaly among top-notch fighters, a young man who hails from a wealthy family. Mainstream fans adore Hughes and occasionally bombard him for autograph requests; Penn is lesser known except among hard-core MMA fans. Hughes, with his six-pack abs, hulking shoulders and tree trunk neck, looks like the raging bull that he is; Penn’s pudgy frame makes you often wonder “How can he be so tough and look like that?”

Indeed, Penn is to MMA what James Toney is to boxing: A phenomenal talent who loves competing on fight night, almost always wins, but is often criticized for training less than other top fighters and eating more than he should. If Penn has a weakness, it appears to be less than stellar stamina. Penn has fought past the third round only twice in his career, losing once and earning a draw. Still, Penn (10 wins, 3 losses) has never been knocked out or submitted. Hughes, meanwhile, appears to get stronger in the later rounds and is 4 and 0 in fights lasting four rounds or more.

One interesting statistic: Hughes has over 40 wins, and only four losses – all of them via first-round stoppages. Hughes’ advisors are keenly aware of that statistic and believe he’ll need to weather an early storm from Penn if he is to retain his title.

“We just need to get out of the first round,” Cox said, referring to Hughes.

Former UFC champion Randy Couture, now retired, trained with Penn before the Hawaiian's showdown with Hughes two years ago. Couture said he had a hunch back then that Penn would pull the upset, but suspects Penn’s conditioning will betray him this time around.

“Things have changed in this rematch considering BJ’s showing against St. Pierre,” Couture said. “I think Matt will probably win this fight. I think it will go the distance and Matt will wear him down and win a decision.”