UFC president, Dana White, announced that all UFC main events will be a five round fight according to mmafighting.com.
The exception to this new rule is Rashad Evans' bout with Phil Davis and any fighters that have already signed to fight for three rounds, not five. As White pointed out, any main event thereafter will be five round, title contention or otherwise.
The five round rule would have definitely benefited numerous important bouts such as the welterweight contention eliminator between BJ Penn and Jon Fitch at UFC 127 that was fought to a draw within the three round limit. With an extra two rounds, the outcome of the fight could have been very different especially with Penn's cardio wavering in the later stages of the fight. The two were scheduled for a rematch until Fitch suffered an injury that put him out of action until late 2011. Such a predicament could have been avoided with an extra two rounds.
Additionally a five rounder can allow a fighter who lost the opening two rounds to rebound without the need for a finish to win the fight.
No word of which two fighters will be the first to partake in the five round non-title bout.