Can "fight of the century" save boxing from a knockout?

Mayweather-Pacquiao hype helping to bolster boxing

LOS ANGELES -- Today two welterweights began promoting what some believe will be the biggest fight in boxing history and perhaps a comeback for the sport itself.

Manny Pacquiao speaks about the historic fight

Floyd Mayweather and Manny Pacquiao walked the red carpet in Los Angeles today to hype their fight.

"The fight is on and you're very excited, I know you're excited," said Pacquiao at a press conference.

"May 2, the fight of the century," Mayweather followed. "It's all about the best fighting the best."

The May 2 showdown is five years in the making and expected to shatter every financial record in boing. The undefeated Mayweather will earn $120 million. The scrappy Pacquiao $80 million. But this is also about getting boxing itself off the ropes.

Floyd Mayweather (left) and Manny Pacquiao will square off in the ring May 2. CBS News
Mayweather talks to the media

It's been decades since Muhammad Ali, Sugar Ray Leonard and Mike Tyson were household names. The sport lost some mass appeal when it moved from network TV to pay-per-view. And an endless number of titles makes it hard for casual fans to follow.

"Well, this is the one that will top them all," said boxing columnist David Avila, who thinks the Mayweather/Pacquiao fight is just what the sport needs. "It's going to go so quick because you're going to be glued to the television."

Fight night preview: Mayweather vs. Pacquiao

But is this going to be enough to bring boxing back to the forefront for the mass of people?

"Actually this fight will do it," said Avila. "You got two railroad trains going at full speed and we're going to find out who wins."

And find out if boxing can take a hit and still stay on its feet.

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