Well I think it discounts the notion that it was a "phantom punch": you can clearly see the shot land on Liston's jaw, and the force knock his head back.
Like I said, I have no doubt that the punch was enough to score a flash knockdown. Liston A) was moving his body into the punch, B) was turning his head into the punch, and C) didn't see the punch coming, and when those three criteria are met, the result is usually a knockdown or a knockout, even when the punch itself isn't a bomb. There is a lot of power added to even a low-powered shot when those criteria are met.
I think even the punch itself is underrated: clearly Ali's not sitting down on it or getting his body into it, but he does get a decent amount of snap from his shoulder into the punch at the end. Wasn't a huge blow, but it wasn't the light tap that most boxing fans make it out to be.
I don't think the punch knocked him out, though. Like I said, I think he was going to throw it going in, got dropped, and decided it would be much easier to just not get it up and embellish the punch. You can see he kinda goes down gingerly, reaching his arms out to break his fall, almost like he tripped on something. He seemed fully conscious until the mid count, then it looked like he suddenly decided he was very rocked.
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