Manny Pacquiao and Erik Morales fought for a third time (with the series tied 1-all) on November 18, 2006. The highly anticipated rubber match was witnessed by a near-record crowd of 18,276. The match had a thrilling ending with Pacquiao defeating Morales via a third-round knockout at the Thomas & Mack Center in Las Vegas.The rematch was also fought between the promotions companies, Top Rank, Inc and Golden Boy Promotions after Pacquiao returned the signing bonus check back to GBP to stay with Top Rank, which subsequented led to GBO decision to sue Pacquiao. 

Business aside, Pacquiao was definitely out on a mission this night, with Erik Morales seeming confused and beatened the last time he got rocked to the floor. Pacquiao showing the older Morales that their was a new sheriff in town, the won the fight in dominating fashion. At the end of 2006, Pacquiao was named by both HBO and Ring Magazine as the "Fighter of the Year", with HBO also naming him as the most exciting fighter of the year.