Serra's manager sets up a series of fights against has beens, while avoiding the top contenders. Eventually, a top contender insults Matt's fiance, prompting Matt to accept the contender's challenge. Matt loses the fight and has thoughts about hanging up the gloves, but the need to prove himself against a top contender compels him to take one more fight in which he regains his title and then announces his retirement.
Oh, wait. That's Rocky.