Is this MMA league the new UFC?

Randy Couture, a legend in the world of mixed martial arts (MMA), may have retired from professional fighting but hasn’t strayed too far from the octagon.

Nowadays, you can find the UFC Hall of Fame member hosting the newly formed Professional Fighter's League (PFL).

The PFL is the first MMA sport format where individuals compete in a regular season, a “win or go home” post-season and championship.

“The fighter’s destiny is in their own hands,” said Couture to FOX Business’ Stuart Varney on “Varney & Co.” on Thursday.

It debuted its inaugural season last month at Madison Square Garden in New York City and will hold its fourth event on July 19 at the Nassau Veterans Memorial Coliseum in Long Island, New York.

The entire season consists of seven regular-season events, a bracket-style playoff and a $10 million post-season championship prize pool.

The unique format consists of 72 athletes that compete in six weight classes. They each compete in two matches and receive scores based on their fights. The top fighters then move on to the post season and battle it out for a trip to the championships were fighters in each of the six divisions earns $1 million in prize money and receives the title of “true champion.”

“It’s solely based on merit -- how they fight, how they compete,” Couture said. “So nobody is manipulating rankings.”

Couture added, unlike other combat sports, like boxing, the fighters’ winnings are very much dependent on ratings.

“It’s a very marketable sport,” he said. “There’s a lot of good athletes competing — it’s fun.”