The UFC stripped Jon Jones of his light heavyweight championship title Wednesday and reinstated Daniel Cormier as the champion in that division.
The action came in response to Jones' failed drug test prior to his July 29 match against Cormier.
Earlier Wednesday, Jones' knockout victory in his rematch with Cormier was ruled "no contest" by the California State Athletic Commission.
Cormier (19-1) initially said on UFC Tonight that he did not want his title back, but later accepted it for financial reasons.
"I talked to (CSAC) and was like, 'I lost. I lost the fight,'" Cormier said, according to ESPN.com. "As a competitor, that's how I felt. (UFC president) Dana White called me today and said, 'If it's a no-contest, then the fight didn't happen.'
"Now, people will say stuff like, 'You got handed the belt.' He cheated. The reality is, for me to say, 'I don't want this title,' when I was going to be (fighting) in a championship anyway, financially it's just a big difference if I don't fight as the champion as opposed to fighting for a vacant title."
Jones tested positive for the steroid Turinabol after the fight's weigh-in. On Tuesday, the second sample from Jones' failed drug test also came back positive.
Jones claims he did not knowingly take any banned substances, and is expected to appeal the latest positive drug test.
Jones (22-1) had returned to fighting after serving a one-year ban instituted by the United States Anti-Doping Agency after he tested positive for two banned substances prior to his bout in 2016.
He also has been stripped of his title twice previously for disciplinary reasons.
Jones, 30, is a repeat offender, and he could face a suspension of up to four years.