He's the only top five pound-for-pound MMA fighter who isn't in the UFC but Fedor Emelianenko isn't ready to bow to Dana White under what he's calling an unfair contract:
"If Dana White can offer a contract that's not one-sided and it's not cumbersome to the point where we look at it and realize that we can't fight for him, then we'll fight in the UFC."
White has gone on record consistently saying it's Fedor's management that is holding up a deal. Sounds like Emelianenko himself is well aware of the terms of the initial deal that was offered.
Watch Fedor talk about a move to the UFC (6:55 mark):
Fedor also says no offer has been made in the last two years:
"There were a lot of things in there that didn't make sense and there hasn't been any movement since then. Generally, one of the main issues was, if I was the UFC heavyweight champion then the contract was basically indefinite. And there were options and extensions, the contract would never end if I was their champion."
That sounds a bit unusual. Fedor says that the deal offered was very NFL-like:
"On the flip side of that, if I had performed in a way that they didn't like or I had lost, they could end the contract that day or have my purse decreased based on a poor peformance."
That doesn't sound dissimilar from many of the UFC deals. It sounds like what Anderson Silva is dealing with, where the money is potentially huge as long as you're winning but decreases significantly with a loss. It's an interesting way to work contracts. On one hand it protects the promotion if a fighter goes into a losing streak or isn't all that they're cracked up to be. But it can also lead to a situation like Silva's, where you're better off dancing your way to decision wins.