If it goes ahead, (and I'm not sure it will)it's a massive risk for Frampton. He would have to give up both his belts I would think.
Mind you, after the Alejandro fight, they said he struggled at the weight. If he thinks that's his weight, fine, but I think he'll put himself at a reach/size disadvantage against most of the champs at the weight above. I reckon he'll fight Wake next in Ireland.