According to Tuesday's UFC 127 conference call: (via MMA Weekly)
"They’re definitely in the title picture. Either guy that wins that fight, let’s face it, the reality is B.J. Penn has held titles in both weight classes, Fitch has fought for the title and has literally dominated that division for a long time, just couldn’t win the title."
"Either one of these guys that wins this fight is in the mix. They’re the No. 1 guy."