Actually, we could combine this with another thread - the Death Penalty - and have a win-win situation for society...
Instead of boxing, let's take convicted felons charged with the most heinous crimes like premeditated murder and murder committed during child ra** and murder commited by terrorism. Put them in a large arena. They get blade weapons only. The more heinous the crime, the smaller the blade. Televise the event on pay-per-view. The rules? Survivor lives another day, and even gets first-aid for any cuts. That we, we take care of the death penalty and televised violence for the masses at the same time. If they survive 10 such bouts? For their 11th bout give them a pen knife and the other guy gets a machete.