Dan Rafael of ESPN explained the whole Cotto/Margarito/Mayorga thing today. Here's my quick summary of the whole thing:

1. Cotto-Gomez and Margarito-Cintron II are set for April.
2. Cotto is scheduled to fight the Margarito-Cintron winner in July. However, if the Margarito-Cintron fight is a real war and the winner won't be ready to fight in July (say.. because of cuts that need to heal), then Mayorga will step in and take their place for the July fight.
3. If the Margarito-Cintron winner is ready to go in July, then they'll face Cotto, and Mayorga will fight on the undercard.
4. Then, if Cotto beats Margarito/Cintron, he could face Mayorga in the fall.

Make sense?

P.S. I'm still curious what weight Cotto-Mayorga would be at. I can't see Mayorga at 147.