Diaz has voiced a displeasure at a perceived lack of respect for his achievements, and despite winning 11 fights in a row and vacating the Strikeforce welterweight belt to fight in the UFC, that apparently wasn't quite enough for linesmakers, who installed Condit as the favorite at UFC 143.
Condit was only slightly favored in the opening line listed at several online sports books. He was listed at -125 while Diaz was -105.
Since then, however, bettors have already closed the gap, and the fight is now a pick 'em, with both fighters at -115.
At UFC 137, Diaz (26-7, 1 no contest) made his first start in the UFC since 2006 and romped in a unanimous decision win over BJ Penn. Afterward, he was bumped ahead of Condit and into a title fight with Georges St-Pierre, but a torn ACL sidelined the bout, paving the way for Diaz and Condit to collide.
Condit is also in the midst of a strong run, having won four in a row and 12 of his last 13 overall. He's finished each of his last three opponents -- Rory McDonald, Dan Hardy and Dong Hyun Kim -- by KO or TKO.
UFC 143 takes place on Feb. 4 at the Mandalay Bay Events Center in Las Vegas.