It looks he will lose. If he does lose, and is forced to fight with bellator, if he then were to take a fight "never back down style" and just tap the mat when the bell is rung, he will lose the title. But do you think it would hurt his career? For bellator to come out later and talk about eddie being afraid of his opponent would be ridiculous.
He is no longer their champion.
If he did that he might devalue his name. It's a big risk. On one end he's standing up to the "man" on the other he's throwing a fight. It would be talked about for years to come and a lot of internet arguments will be started over it.
I don't know, I think it is resonable to back bellator's opinion, but the fact remains that he doesn't want to fight for them.
DO you think his oponent would consider it a win?
Would the fans?
Would Dana?
At this point I think Bellator's only hope is to publish the terms of the agreement. If Bellator set up PPV's now, for a future date, then Eddie would just be a victim of his own decisions.
I am of the opinion that if Bellator is genuinely going to pursue PPV, then everything they have done so far is fine, and Eddie did this to himself.
However, one event on the books just to placate his contract does not do it for me. And if they do not have a concrete plan for a PPV in the next 6 months as well as shift in their business model towards PPV's, which they do not, then they really are scumbags.
I say walk to the ring in a bellator sucks shirt, tap to no one, and come to the UFC!
#The UFC has already won
It would fuck him with the comissions. Not to mention, i think it straight up illegal. 
I'm sure he will just fight for them until he's legally no longer obliged to by contract. It is a shame that he has to go through this, but he will make it through this mess.
I know in Nevada doing something like that is forbidden ("...Is guilty of a failure to give his or her best efforts, a failure to compete honestly or a failure to give an honest exhibition of his or her skills in a contest or exhibition of unarmed combat").
I would imagine other athletic commissions have similar rules. Don't know how shit works when they are at those reservation casinos, though.