Ray's gonna win. There will be some surpsies, I'm sure, but Ray will win.
Look. There's a big difference between knowing the weakness of every major GOF contender, and actually being able to deliver a Chun Lee style flying kick to the side of the head once you've stunned your opponent by bringing up his Circumstances. Beef clearly has some chops, he was able to stick around when Son Of Rodney was passed out in Tent of Brandy, but for the most part he's been sitting back and having the fighting done for him. You can't study your way into Ray's killer instinct, that kind of thing is either in your blood or isn't.
Beef respects the fight. Just like he didn't want to see Ray win having only kicked one dude's ass, he couldn't live with himself being the kind of guy to take the title having only busted one man down on into his component parts; it's just not right. Also, he knows his history. He joined up with Ray knowing that as a B.O.C. and he was likely to go into a three day Dutch fugue. You can't study yourself out of a goddamned hurricane, man, you just say your piece to the guy from cable and then hope for the best.
Ray wins. Ray wins at just about everything, and Onstad likes his character that way. That's why the whole CH arc was so compelling, because it ripped Ray out of his element. This isn't one of those cases though. Unlike most circumstances though, I think this time Ray really understands that his ass would have been grass without his old best friend. That right there is something special. Look for a big nod to Beef by Bob Raffles or whoever. The real fans of the fight know and respect the hardship that a true right-hand-man goes through.
Lastly, I think we all have to admit that The Fugue really is a bit of a showman.