Canelo was bidding to become a two-time light heavyweight champion but fell short against Dmitry Bivol.
It is just the second defeat of his career with the other one coming against Floyd Mayweather in 2014.
The question is, who does the Mexican fight next?
On the scorecards, all three judges had it 115-113 in favour of Bivol but in reality, it was a lot more comfortable for the WBA light heavyweight king.
Alvarez accepted the loss like a true champion and the rematch could take place in September on Mexican Independence weekend.
Could it be more competitive? Perhaps. The performance did, however, prove that there are weight classes for a reason in boxing and Canelo is not a light heavyweight. His other time at 175lbs proved that too against Sergey Kovalev.
The 31-year-old was getting outboxed at times before landing a brutal knockout of Kovalev in round 11.
This was the fight scheduled for September but things may have changed since the shock defeat to Bivol.
GGG unified the middleweight division in April - his first fight in over 14 months - and it seems like Golovkin won't retire until he gets the third bout with Canelo.
If the Kazakh great gets his chance at Alvarez again though it will have to be at 168lbs. It could be a great fight for Canelo to have before targeting the winner of Bivol vs Artur Beterbiev or Joe Smith Jr at light heavyweight.
The standout American fighter at 160lbs and has previously spoken about his desire to face Canelo.
Charlo has won 32 fights and is undefeated. If 'The Future of Boxing' can unify or claim a big name on his resume then in 2023, he may get his shot at Canelo. A win over David Benavidez would be the perfect statement.
As it stands, he is a long way off that but with him having the appeal as an exciting American fighter, it would sell PPVs and money talks in boxing.
Take this with a pinch of salt but two fights may come to mind next if Canelo wants to cash in.
The first being Kamaru Usman - the UFC welterweight champion - while the other option is YouTuber-turned-boxer Jake Paul.
Neither fight would be competitive in a boxing ring but you can guarantee either of them deliver big numbers on PPV.