Thats how it used to be, and was banned in most states, even on PPV. It was started by the Gracies and some investors, as a no holds barred tournament style format, from different disciplines to determine who was the best in the world. It grew from there, but was considered too violent. Dana White approached the Fertitta's about purchasing it as it was about to go under. The rules, ref's and scoring is what got them back in the black and allowed on TV. There is a video, 60 minutes I believe, on Netflix that covers it.
It was on spike the other night.....fan since before ufc1
Plus if I rember correctly thats what GSP wanted to go back to....It looks like he could have taken another round, before his eyes were shut