The contest served as the headlining bout of Saturday's "UFC Fight Night: Machida vs. Dollaway" event.
It was Dollaway (15-6) who came out looking to push the pace, as he pawed a jab and looked to put Machida on the defensive. But "The Dragon," a karate master, twitched his hips with fakes as he measured his opponent. When he saw an opening, Machida (22-5) struck with a kick to the body that saw Dollaway double over in pain.
Machida seized the moment, rushing forward with punches before Dollaway could recover, and the fight was waved off at the 1:02 mark of the first round.
"I'm very happy with this opportunity," Machida said. "C.B. is a very tough fighter. I saw that he felt it and I went in for the finish."
In the night's co-feature, Sudbury, Ont., native Mitch Gagnon (12-3) fell short in his bid to score an upset win over former UFC bantamweight champion Renan Barao (33-2).
While Gagnon was a heavy underdog coming into the contest, he proved himself as a worthy adversary, standing toe-to-toe in several exchanges and landing a few heavy punches. But the former champ proved impossible to take to the floor, leaving submission-specialist Gagnon unable to fight in his preferred position. As such, he began to tire, and Barao's offence remained strong.
After banking the first two rounds, Barao earned a finish in the third, scoring a takedown of his own and working into position for an arm-triangle choke that forced Gagnon to tap out at the 3:53 mark of the final round.
"I thought I did some good things and bad things — and I got caught," Gagnon said.
Light heavyweight Patrick Cummins (7-1) earned his third-straight UFC win by scoring a clear cut decision victory over Antonio Carlos Junior (5-1).
Carlos Junior's vaunted jiu-jitsu skills were on full display, as he tried to attack his opponent's leg with a series of first-round submission attempts. But Cummins defended each move with ease and returned fire by scoring punches from top position.
Cummins was more dominant as the fight wore on. While Carlos Junior tried to launch a few heavy blows on the feet, Cummins slipped underneath the attacks each time and brought his opponent to the floor, where he grinded out a unanimous decision, 30-27 on all three judges' cards.
"He did everything we expected, and for the most part we were ready for it," Cummins said. "It was just a matter of following the gameplan. He is a great jiu-jitsu fighter, so I needed to make sure I had the control over his hands and posture."
In a battle of lightweight prospects, Dagestani fighter Rashid Magomedov (18-1) earned a record-setting win over previously undefeated Elias Silverio (11-1).
The fight was largely a standup affair, as the two traded punches and kicks on the feet. But as time wore on, Magomedov's speed and accuracy began to pay dividends. His counter attacks were powerful and drew blood over Silverio's right eye. And just as it looked as through Magomedov would cruise to a decision win, he dropped Silverio with a crushing left hand and continued to punch away on the floor until the bout was waved off with just three seconds left.
It was the latest stoppage in a three-round fight in UFC history.
"Elias is a strong opponent and a great fighter," Magomedov said. "It wasn't easy to fight him, but everything happened the way it was supposed to happen."
In a welterweight matchup, Brazilian Erick Silva (17-5) rebounded from a devastating May loss to Matt Brown by scoring an impressive first-round stoppage versus Mike Rhodes (6-4).
After some early exchanges on the feet, Silva took the fight to the floor and quickly worked in an arm-triangle choke, squeezing the hold until Rhodes went to sleep and referee Mario Yamasaki stopped the fight. The whole process took 75 seconds.
"It was exactly the way I expected it to be," Silva said. "Me and my team trained exactly this, the fight went the way we planned 100 per cent. I didn't even have the time to make mistakes."
In the night's first main-card contest, "The Ultimate Fighter: Brazil" finalist Daniel Sarafian (10-5) picked up a much needed win over fellow middleweight Antonio dos Santos Jr. (6-2), albeit in bizarre fashion.
After the two traded bombs for the entirety of the opening round, dos Santos Jr. threw a left hook in the second and immediately called for time after apparently dislocation his finger on contact. However, as the blow came through legal action, dos Santos Jr. did not have the right to ask for a reprieve, and referee Eduardo Herdy called off the fight, awarding Sarafian a TKO win, 61 seconds into the round.
"I didn't know I was stopping the fight," dos Santos Jr. said. "I felt my finger popping out, put it back and tried to get back in the fight. Then the referee told me I asked the fight to stop and that the fight was over."