In exchange for the toll of his first loss, Jaime Munguia continues to learn how greatly he cashed in so many more valuable opportunities.

Mexico’s Munguia (43-1, 34 KOs) on Friday night returns from a May 4 unanimous decision defeat to boxing’s most popular fighter, countryman Saul "Canelo" Alvarez, by shifting to a new, one-fight U.S. promotional deal with Top Rank, which will place his bout against Canada’s Erik Bazinyan on ESPN’s platform.

The fight is Munguia’s second of the year in Arizona, following the rousing support he received at Phoenix’s Footprint Center in January, when he topped Alvarez’s 2023 victory by decision over England’s John Ryder by scoring a ninth-round technical knockout triumph over the Brit.

The coming reception at Desert Diamond Arena in Glendale, Arizona, for Munguia, 27, is expected to be even more boisterous given that the former junior middleweight titleholder is coming back with the marketing boost of the Canelo fight while reuniting with his immensely popular Tijuana neighbor and trainer, Hall of Fame fighter Erik Morales.

“It was a great experience, a great stage. Overall, it was a good learning experience to fight Canelo,” Munguia told BoxingScene. “I’m excited to go back to Arizona … to Glendale/Phoenix. We’ve been well-received there, and I believe this will not be an exception, because I’m going to deliver another great fight.”

That’s what Top Rank is expecting, with company chairman Bob Arum expressing deep interest in keeping Munguia in the fold after the fighter previously spent the years elevating through his 2018 world title to the Alvarez fight while promoted in America by Oscar De La Hoya’s Golden Boy Promotions.

Munguia’s promoter in Mexico, Fernando Beltran, is expected to have a prominent voice in Munguia’s career path, and they both might find it especially appetizing to hear what Arum strives to undertake next year.

“He’s a very talented kid with a tremendous fan base, particularly with the Mexicans,” Arum told BoxingScene. “And next year, we hope to start doing a number of events all around Mexico, like we used to do with Morales: in Guadalajara, Tijuana, Mexico City, all over the Yucatan [including Cancun], with great results.

“We’ve signed Munguia for this one fight, and then we hope to put him in his next fight in Mexico.”

Currently, with its ESPN deal nearing expiration, industry sources tell BoxingScene that Top Rank is considering taking its fights to multiple broadcasters in an arrangement similar to those of the NFL, NBA and MLB, hoping “to have major TV deals to announce by the end of the year,” according to an official familiar with company plans.

Arum said the intention is to capture the passion of the Mexican fight crowds and stream/broadcast the vigor of that rooting interest to worldwide audiences.

Top Rank’s impressive roster is loaded with Mexican and Mexican-American champions and contenders, including featherweight titleholder Rafael Espinoza, 130-pound belt holder Emanuel Navarrete and his two-division-champion opponent on Dec. 7, Oscar Valdez, plus Lindolfo Delgado, prospect Emiliano Vargas (11-0) and U.S. Olympic medalist, heavyweight Richard Torrez Jr. (10-0, 10 KOs)

The latter two will be on the Friday card with Munguia.

Said Arum: “To go into Mexico like we used to is important … the Valdez-Navarrete winner would fit into this picture … we’ve missed being in the Mexican market since well before the pandemic."

First things first for Munguia, who started so strongly against Alvarez before getting knocked down in the fourth round. The fighters repeatedly engaged through the middle to late rounds, with Alvarez getting the better of the action until the final round, when he hurt Munguia and said he backed off from knocking out the younger challenger in the 12th because he didn’t want Munguia to be embarrassed over what was such a heartfelt effort.

Munguia objected to Alvarez’s claim that the three-belt super middleweight and four-division champion could have finished him if he wanted.

“I don’t think so, because I believe he would have done that [if he could have],” Munguia said. “It was a good fight. It was a close fight. That’s what I think.”

After crediting legendary trainer Freddie Roach for assisting with his defensive strides, Munguia said he opted to reconnect with Morales as his cornerman because of their familiarity and the fact it afforded him the opportunity to train in the high altitude of Big Bear Lake, California.

“It’s a good team, amazing,” Munguia said. “We’ve known each other for five years – it’s more than just working with each other. So I’m good, and I’m happy about that.”

Transferring the lessons from the Alvarez fight to the meeting with Bazinyan, who is the second-rated 168-pounder by the WBO and No. 4 in the WBA, will be paramount to victory.

“All of that learning and experience comes together, and that’s what’s going to make this a great fight,” Munguia said. “I could’ve been more calm at the start [with Alvarez]. Now, I feel really good fighting with Erik Morales. He’s given me more attitude. [Because of Big Bear training boosting my cardio], we can push through this fight for a better opportunity. I like to bring excitement. That’s the best way to sell fights.

“[Bazinyan’s] a strong fighter. It’s not going to be easy. But I have to keep moving forward.”

While Alvarez said he isn’t all that familiar with his No. 1 contenders Diego Pacheco (WBO) and Top Rank-promoted Mbilli (WBC), Munguia said he is quite familiar with them and other top super middleweights such as former Alvarez 168-pound title opponents Edgar Berlanga Jr. and Caleb Plant, and October IBF title fighters William Scull and Vladimir Shishkin.

“I know them all and I’m willing to fight all of them,” Munguia said.

Lance Pugmire is BoxingScene’s senior U.S. writer and an assistant producer for ProBox TV. Pugmire has covered boxing since the early 2000s, first at the Los Angeles Times and then at The Athletic and USA Today. He won the Boxing Writers’ Association of America’s Nat Fleischer Award in 2022 for career excellence.