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Matt Hughes is top ten based on record. His second title run was dissapointing with the Riggs+Gracie mismatch. And in his first title reign the guys were solid opposition but not elite level competitors(only person on a long winning streak was Sherk) and he won the title by beating the transitional champion Carlos Newton(coming off a loss before he won the belt and never/defended or regained the belt).
His biggest win over George St. Pierre was before GSP's prime but GSP's two wins over Hughes were after Hughes prime(Post-loss to BJ Penn).
But there's nobody with a comparable record to Hughes aside from Drew Fickett whose level of competition fought isn't giving Hughes a run for his money.
Hughes has never beat an Anderson Silva/Big Nog/Fedor/GSP level guy during their primes. So, yes Matt Hughes is top ten but his record is not above criticism and there is a lot better competition in welterweight right now and back then(someone like Nick Thompson is on a 9-fight win streak and isn't even top ten). So anyone who can make a comparable record to Hughes would be better than him(even if they never hold the UFC belt).
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