UFC tried to cash out while they could, I don't blame them. They got the FOX opportunity and have to fulfill obligations with the number of cards. They couldn't turn that opportunity down.
The sport wasn't ready to stretch out like this, there weren't enough stars there wasn't enough talent from top to bottom to expand cards to this magnitude. If injuries weren't as big as they are in MMA then MAYBE it could have worked but injuries are only getting worse.
The FOX deal is 7 years (signed in 2011). By 2018 it will be pretty interesting to see the state of MMA.
I think the issue they'll have is in the renewal of their TV contract. Will they be able to net an increase in TV right fees or will it be the same. The sport is bigger but too oversaturated. 12 PPVs, 4 big Fox cards and a few FX/Fight Pass would be better. It's just too much for the average consumer. It's not like pro sports where the local market will be interested in their team and there's general interest in the playoffs/championships.
Things are kind of a mess right now. But they're trying to make the most of the situation.