This really isn't an issue of what's next for the Champ but rather, "Who's next?" With Pacquiao, a future Hall-of-Famer, coming out of retirement and voicing is intentions to fight a little longer, who is next in line to fight this living legend?
During Pacquiao's post-fight interview with Steven A. Smith after winning the Welterweight title against Jessie Vargas, Pacquiao voiced that he is willing to fight anyone who comes up to him. Steven also hints at a few possibilities such as a Pacquiao-Mayweather rematch. However, in my honest opinion, that will not happen due to the fact that Mayweather has decided to focus on promoting and it seems like he won't be stepping in the ring again anytime soon. Unless of course, the figures may just be right.
Steven Smith also brought about the possibility of Pacquiao coming down to 140 to fight an Omaha-native boxer known well as Terrence 'Bud' Crawford. However, the champ coming down to 140 rings well of the time when a former champ, who went by the name Oscar De La Hoya, came down in weight to fight against a really young and fast Pacquiao. Pacquiao coming down to fight Crawford brings about a few memories when Oscar De La Hoya came down to fight Pacquiao.
The circumstances of a fight between Pacquiao and Crawford would be a lot different compared to De La Hoya vs. Pacquiao. With De La Hoya just coming off from a defeat from Mayweather before fighting Pacquiao, Pacquiao would be coming off from a tremendous title victory against Vargas before his possible fight with Crawford. With Pacquiao coming down in weight, and Crawford being a Junior Welterweight Champion, this would be the fight to watch.
Recall, that Pacquiao originally moved up in weight throughout his career. All the while moving up in weight, he maintained his speed and power scoring KOs against some formidable opponents. If this fight were to happen, I doubt that Manny would have little to no trouble to come down in weight to fight Crawford.
Let's recall some of his fights during Pacquiao's career. He came down to Light Welterweight to fight Ricky Hatton. The outcome of that fight was a stone cold knockout with Pacquiao landing a solid left hand straight to his chin. In his earlier fights at lower weight division, Pacquiao had some really good fights such as Ledwaba which resulted in a technical knockout. Another momentous fight for Pacquiao was during his second fight against Morales. Pacquiao gave Morales' first career knockout within the tenth round.
In reality, it comes down to who approaches the Champ first. Crawford would be the best person for Pacquiao to fight. Crawford, who is still undefeated would definitely poise some problems for Pacquiao. One of them is his ability to shift from Traditional to Southpaw fighter based on the situation that is given to him. Another factor is his speed. There are very few fighters have the speed and power to give a person problems. Let alone, be able to maintain speed and power in both a conventional and southpaw stance. Crawford has both of those whether if he is is fighting in a Traditional or Southpaw stance. His speed and power is something not to be taken for granted and a Pacquiao-Crawford matchup could easily be the fight of the year.