Everything we know about Mayweather vs. McGregor so far

As the entire universe is probably aware, Conor McGregor is set to fight Floyd Mayweather.

"The Notorious" will face the legendary pugilist on Aug. 26, with Mayweather himself announcing the blockbuster bout was a go via Instagram on Wednesday. But the news spawned a plethora of questions in addition to eliciting a smorgasbord of emotions in the hearts of both casual and lifelong fight fans. Will it be a boxing match or a reenactment of Ali vs. Inoki? How involved is the UFC in putting the show together? How much cabbage is on the table?

Related: Mayweather confirms McGregor bout is on for Aug. 26 in Las Vegas

Luckily, UFC president Dana White, Mayweather Promotions head Leonard Ellerbe, and Showtime Sports exec Stephen Espinoza provided some answers in a conference call the same night the fight was announced.

Here's what we know (and don't) about combat sports' next superfight thus far:

The when and the where

"Money" confirmed he and McGregor will duke it out on Aug. 26 in Las Vegas, with White subsequently revealing the fight will take place at T-Mobile Arena, which seats a few thousand more than the MGM Grand, the venue Mayweather Promotions had included in their successful request for approval to the Nevada State Athletic Commission.

The BIG3 championships were reportedly booked at T-Mobile Arena on the same day as the bout, but neither of its matchmakers provided any details as to if and how the basketball event had gotten the boot.

The parameters

As White told ESPN's Sportscenter shortly after the news came down, the bout is a 12-round boxing match to be contested at 154 pounds - a light middleweight bout by the sweet science's standards - with 10-ounce gloves.

McGregor is contractually forbidden from throwing anything other than punches, and stands to lose a healthy slice of his life-changing payday if he does, White told the media Wednesday.

"That will not happen," White said, according to the LA Times' Lance Pugmire. "First of all, that is absolutely in the contract. No. 2, this is a boxing match under the Nevada State Athletic Commission, under the rules of boxing.

"When you talk about a guy of Floyd Mayweather's level and value in the sport, the lawsuit, if that ever happened ... Conor likes money, man - Conor would depart with a lot of money if that ever happened."

"The Notorious" most recently fought at lightweight (155 pounds) - stopping Eddie Alvarez to win the divisional crown at UFC 205 - and spent most of his promotional stint as a featherweight. Mayweather is no stranger to the agreed upon weight himself, one of four at which he's held a world title.

As for the pre-fight drug screening, White revealed the United States Anti-Doping Agency - the UFC's anti-doping partner - will handle the sample collection and subsequent testing, a condition he claims Mayweather readily agreed to.

Related: White: Mayweather-McGregor to fight at 154 pounds at T-Mobile Arena

The undercard

UFC fighters with grandiose designs can run amok on Twitter all they want - none of what they throw at the proverbial wall will stick.

As Ellerbe revealed on the call, the only crossover bout on fight night will be the main event, with Mayweather Promotions expected to book an undercard comprised solely of boxing matches. In other words, don't be surprised if the boxer's camp books a few of its proteges (Gervonta Davis, perhaps?) to open the action on fight night.

The showrunners

This is where White will take a back seat.

According to the UFC boss, Showtime Sports will distribute the pay-per-view and handle the bulk of the bout's promotion and production, although the network has given him the freedom to put together some promotional material of his own, including "UFC Embedded," a vlog series typically covering the week leading up to the UFC's monthly pay-per-view cards.

"Showtime is the exclusive distributor of Floyd Mayweather's fights, but they were kind enough to open the gate and let us do some stuff, too. We're going to do 'UFC Embedded' like we do for our fights and a couple of other things," White said, according to FOX Sports' Damon Martin.

"But at the end of the day, Showtime is running this show."

Related: Showtime releases poster for Mayweather vs. McGregor

The involved parties have yet to figure out who will be calling the action, but according to MMA Fighting's Ariel Helwani, Mayweather's team has put out some feelers to several cagefighting analysts in hopes of avoiding a one-sided dissection.

If experience and versatility is what they're after, play-by-play man Mauro Ranallo fits the bill better than most, having called countless cards for PRIDE FC and Strikeforce in addition to a number of Showtime Boxing events.

The take

To put it bluntly, this fight would still be confined to conversations in barbershops around the world if there was anything less than an absurd amount of green in it.

That being said, the powers that be were tight-lipped when asked how the gargantuan pie will be distributed, with Ellerbe citing a confidentiality agreement in the paperwork. Based on his resume, Mayweather will most likely pocket a nine-figure paycheck - business as usual - while $100 million has been tossed around as what will mark the greatest payday of McGregor's career regardless. Not bad for a guy who was cashing government-assistance checks just a handful of years ago.

As for the buyrate - a portion of which is expected to go to the fighters - pundits and promoters alike are already projecting the fight to compete with Mayweather vs. Pacquiao's record of around 4.5 million pay-per-view buys.

The damage

The fight's triumvirate of overlords have yet to settle on a price for the pay-per-view, but one thing's for certain: it will come at a premium.

White was quick to state that fight fans will have to shell out more than the $60 they've grown accustomed to paying for a UFC card, and if Mayweather's insanely lucrative 2015 superfight with Manny Pacquiao is any kind of barometer, don't be surprised if his date with McGregor sets you back more than a C-note.

The icebreaker

Even the bout's staunchest detractors are wondering when McGregor and Mayweather - two of combat sports' greatest self-promoters - will be hurling insults at each other in person.

The matchup's first presser has yet to be booked, and with the bout just over two months away, odds are White, Ellerbe, and Co. have already put the wheels in motion to bring the rivalry from the Twitterverse to the conference room.

The UFC boss expects a press conference to be finalized in about a week's time.

The future

Espinoza did entertain the notion of running the fight back - especially if McGregor were to beat Mayweather and induce at least a few coronaries - although White revealed any language concerning a rematch is absent from the contracts.

Related: Mayweather opens as overwhelming favorite for bout vs. McGregor

While many suspect McGregor will cash in his chips and call it a career after Aug. 26, the UFC boss remains hopeful the Irishman will return to the Octagon and defend his lightweight crown before year's end, preferably on the promotion's final pay-per-view of the year, Helwani reports.

"I'm pretty confident," White told FOX Sports' Damon Martin Wednesday. "In the conversation that I had with him, he's fired up for this fight and he's excited to fight again and defend his (UFC) title by the end of the year. Nothing is a guarantee. You can't be guaranteed anybody's ever going to fight again.

"The reason that this fight is so big and the reason that he's such a huge superstar is becomes this guy will fight anybody, anywhere, any time. He's going to step in and fight Floyd Mayweather under boxing rules. These are the reasons people love this kid."

As for Mayweather - who'll be ending a retirement that dates back to September 2015 to put his perfect 49-0 record on the line when he meets McGregor - Ellerbe remained mum on whether the four-division champ will hang up his gloves again once he and McGregor do the damn thing.

(Photos courtesy: Action Images)