Bagautinov is trying to end a two-fight losing skid, while Herrera rebounded after a debut loss with a win over Joby Sanchez at the TUF 22 Finale.
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Another loss by the 30-year-old Bagautinov could put him on the bubble. He is coming off a year-long suspension for testing positive for EPO prior to his title fight with Demetrious Johnson
Welterweights Rory MacDonald and Stephen Thompson square off in the main event.