I feel like canceling the title fight all together wouldn't be as bad as overeem finding a way to get licensed and then WINNING the title.
The mainstream media, this place will blow up with a ped freak winning the damn title it could be one of the biggest black eyes on the sport right when all this fox stuff is finally heating up.
How this situation is handled could be a major point in what happens in the grand scheme of things for the UFC. BE VERY INTERESTING. 
Very good point... At the same time though how sweet would it be for JDS to Smash his face in and then remind everyone he has never taken Vitamin S !!
An even worse case scenario would be Overeem winning and then testing positive AGAIN. If he gets licensed, it means he would have had conditional licenses for both his UFC fights (the only fighter EVER to do that). If those aren't red flags, I don't know what is.
People overreact towards how the apparent outside world will feel towards an MMA athlete using PEDs and getting busted - it's not this terrible, awful black eye from which the sport can never recover. Do you think all those people watching Chael fight on FOX even had a clue he ever had any sort of TRT issue or anything like that?
Here's the truth: Most people don't give enough of a shit one way or the other about MMA to care. The ones that do? They already know better. The ones that care to use it against MMA? They'd have a hard time considering your casual observer already sort of expects all these bulging supermen aren't natural, and frankly they're not invested enough into the concept of MMA as a sport versus a novelty to concern themselves with making a fuss over the legitimacy/fair sporting issues that would arise from such a thing.
MMA's not big enough for a steroid scandal to have such impact that it breaks the sport's seedy underbelly wide open just yet - that involves having a deeper cultural engrainment than MMA yet, or may ever for that matter, has.
MMA fans are still out of touch with how far-reaching the sport's tendrils AREN'T in North America, alas.