Feasible honestly.
He clearly draws influence from pro wrestling
He has no reason to go back to MMA yet since the UFC has an arbitrary at best ranking system.
If it "makes sense" to Dana then that's it. They crowned an interim less than a year after an otherwise healthy Conor won the belt. They gave him the ok to do the Mayweather fight so they created his scenario.
"Defend his belts" sounds nice but the new owners are a full entertainment company so they wanna make money sport/ martial art spirit and all that shyt be damned.
Khabib can't stay healthy and him possibly holding Conor down for 5 rounds or smothering then submitting him is a nightmare scenario.
Ferguson is talented as shyt but ain't a wordsmith or at least a good antagonist enigma like Nate Diaz. High risk low reward fight for a UFC in BAD need of stars. Last time we saw Conor was him getting beat. Tony has the tools to do it again. .. then what?
I get why they did the interim to have a storyline for Conor vs Tony since it'll look cool on a poster but I doubt it's gonna be enough to get Conor back for much beyond the Diaz pt 3 fight.