Cyborg has one more fight on her contract.
Women's FW rankings were never posted, but it seemed like creating a division, or at least the illusion of one, was an option they were leaving on the table.
This is how it could be phased out: Cyborg and Megan Anderson have a fight in Brazil, maybe as the main or co-main of a fight card. It's a pretty big fight. On the 90% chance Cyborg wins, that's it right there. Cyborg's contract is up and Megan Anderson can be simply be cut.
If the fight ends in a draw or NC, then per standard UFC contract Anderson can still be cut and they still let Cyborg walk.
If Megan Anderson pulls off the upset, Cyborg's contract is still not renewed, but Anderson is thrown at Nunes. On the 90% chance Nunes wins that fight, unless it's an absolute barnburner then Anderson is let go.
If Anderson wins that fight, well, fuck, you might have to keep it going as a phantom division same as before.
But 99% chance you can end the division in 1-2 fights.
Flyweights will be more difficult, but I expect that once they pare it down enough, they'll fold all the remaining fighters into Bantamweight, and anyone other than Cejudo or Benavidez who really doesn't wanna move up they'll make an offer to release from their contract. And they'd have to iron out things with Cejudo and Benavidez individually.
The main reason I can see the UFC not simply folding everyone up into Bantamweight right away is because they have nearly 70 Bantamweights as it is. It's now their third-largest class somethefuckhow.