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Is Manny Pacquiao signing an extension good for boxing?

The biggest news in boxing today is that Manny Pacquiao signed a two year extension with Top Rank.'s Dan Rafael reported that the deal will last to December 31st, 2016. Before signing the extension, Manny Pacquiao had one fight left under contract with Bob Arum. The speculation was Pacquiao would fight one more time and then try to challenge Floyd Mayweather. So with the extension is the fight with Mayweather off for good?

Well this may not be good news for boxing fans but this most likely seals the deal that a potential fight between Floyd Mayweather and Manny Pacquiao wont happen. If we look at the welterweight division for both fighters there can be fights that could excite the fans. Pacquiao although with limited welterweight contenders compared to Mayweather, have big fights ahead or him with another fight against Juan Manuel Marquez and potential fights with Mikey Garcia and Ruslan Provondikov.

Floyd Mayweather on the other hand has a lot more options than Manny Pacquiao. With Golden Boy Promotions and the powers of Al Haymon, they can match Floyd Mayweather with possible opponents such as Keith Thurman, Shawn Porter, Paulie Malignaggi, Peter Quillen, Danny Garcia, Lucas Matthysse, and Amir Khan.   

Obviously, the fights presented won't be as big as Mayweather-Pacquiao, we have seen Pay Per View numbers drop because of the fact that we don't have Mayweather-Pacquiao. The PPV numbers could have also dropped because of the awful undercards that HBO has been providing and the lack of a press tour by Showtime.

So with Manny signing an extension with Bob Arum good for boxing?