#2 Better options
In terms of thinking logically - the UFC isn't the only game in town. You've got Bellator in addition to a number of more amateur-based companies, which would probably be the best choice Punk could make at this point if he's serious about continuing on with his journey.
The quality would be slightly diluted and it may give Punk a chance to get a win or two on the board.
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Plus, he could always make that move back to WWE before it's too late. It seems illogical at this point to consider that as a realistic option, but the bonds between Vince McMahon and past employers have been broken before and then been repaired.
Punk could have alot of potential dream matches in professional wrestling, so whether it's that or MMA it seems likely that the UFC isn't the place for him anymore.
We conclude with a brutally honest point.