The guy who currently holds the BMF title is Jorge Masvidal -- who beat up Nate Diaz for 3 rounds at UFC 244 back in November.

So, what happens next? Nothing is certain but Dana gave us a quick update on some of the huge fights he's looking to make in 2020 ... including a possible BMF revival.

1) Kamaru Usman vs. Colby Covington Rematch?

Maybe. Dana says he was really impressed with the fight but knows it could be a while before Colby's broken jaw is healed and cleared for action.

2) In the meantime, Dana says he likes the idea of a Kamaru vs. Jorge Masvidal fight -- which could be AWESOME!

3) As for Jorge's BMF belt -- Dana told us, "Conor has talked about wanting a crack at that belt. Conor has talked about wanting a shot at that belt, too."

Dana doesn't want to get ahead of himself, but it seems pretty obvious a Conor vs. Jorge BMF showdown is on his mind.

4) Daniel Cormier vs. Stipe Miocic Rematch

Dana says, "That's the fight to make as soon as Stipe is healthy again." He's confident we'll see it in 2020, but no date yet.

5) Israel Adesanya vs. Yoel Romero

"It's not a done deal, but that's the fight we're trying to make. Yes."

Of course, the first step is Conor vs. Cowboy at UFC 246 on Saturday (only available on ESPN+) ... which might be the friendliest main event ever!