He didn't devalue the competition that Ronda has faced, which is what he would have done if he was trying say that the UFC protecting Ronda.
He was pointing out that because she has been so dominant in cleaning out the division, the UFC is now nearly without any real competition to place against her. The most attractive option is to have her fight Cyborg, but this is problem for the UFC because Cyborg is a known doper and a person that the UFC brass has openly trashed, which is someone that they don't really want as champion.
I think that he is saying is that the UFC's current options are this;
1. If they book Rousey vs Cyborg, and Cyborg wins, they are stuck with a champion that they will receive media backlash for, they will worry about her getting caught doping, and a champion they view as a hard sell to fans.
2. If they don't book Rousey vs Cyborg, for the above reasons, they risk Rousey becoming irrelevant because of the lack of remaining talent for her to face.
Thus, the UFC is dealing with a "Ronda Rousey Paradox".
"Gentlemen, we will chase perfection, and we will chase it relentlessly, knowing all the while we can never attain it. But along the way, we shall catch excellence."
— Vince Lombardi