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Ali was beginning to think he had lost, and he looked it. But in the twelfth round, the champion tapped a last reservoir of energy, and the third battle was on. As Ali landed a succession of bloodying punches to the head, the younger challenger faded. Frazier's face, especially his eyes, visibly swelled. Ali continued to press, knocking Frazier's mouthpiece out and following with a stiffening right. In the 14th, Ali hit Frazier at will. Frazier's left eye was almost sealed. That did it; Manager Futch stopped the slaughter.
"What you saw was next to death," Ali gasped after the fight. "He's the greatest fighter of all time—next to me." Later, Ali said to newsmen: "I'll bet you thought two old warhorses couldn't do much." They could, and Ali earned $4.5 million for his pain; Frazier picked up $2 million in balm.
And what about the latest burst of retirement talk? No one really believes Ali, least of all high-rolling Impresario Don King, the fight's promoter. King's latest grand strategy calls for Ali to trek to Russia, then back to the U.S. for a $50 million Bicentennial extravaganza in Washington, D.C.