Between Lennox Lewis's angry disappointment and Evander Holyfield's profound, if somewhat embarrassed, relief at Saturday night's controversial World Heavyweight championship draw, there was one smiling face afterward - that of promoter Don King. "Let's do it again!" cackled King.

Had Lewis been awarded the victory he plainly had earned, he would this morning be the undisputed heavyweight champion of the world and the title would be in the control of his promoters, American Dino Duva and Londoner Panos Eliades. Instead, King remains somewhat shakily in the driver's seat. He still has two-thirds of the title at his disposal and he still has a somewhat tarnished Holyfield. He also has a contract which gives him the right to promote a rematch, but when he reviews its terms he may not find the prospect so palatable.

When the Lewis-Holyfield fight was first negotiated, lawyers representing both sides incorporated the possibility of a draw into the agreement. One clause provided for an automatic rematch in the event of a deadlocked outcome - but not on the same financial terms as Saturday night's fight.

Lewis, who was guaranteed $9 million for fighting Holyfield this time, is guaranteed $15 million if they fight again.

"I'm not sure what Evander's contract says; that's between him and Don," said an attorney who worked on the deal, "but I can't imagine him settling for anything less."

Holyfield's guarantee on Saturday night was $20 million. If King can't chisel him down, he is faced with the prospect of a $35 million "nut" in the event of a rematch - a figure which may not make a profit achievable.

Even before Saturday night's fight, a prominent television executive had voiced the opinion that the Lewis-Holyfield returns would set the industry standard for years to come.

"This is the biggest fight out there, and the biggest fight on the horizon," HBO president Seth Abraham had said. "Nothing else in the immediate future will come close."

And that includes Lewis-Holyfield II.

The official verdict notwithstanding, Holyfield was stripped of much of his mystique by Saturday's events - and those who bought the telecast won't be fooled again. Since there is no earthly reason to suppose that Lewis won't be even more decisive in a return bout, the audience looks set to be incrementally smaller.

"The way I see it, Don has two choices," said one television insider. "If he really wants to promote a rematch, he can try to talk Evander into coming down. Or he can go promote Holyfield-Akinwande on Showtime."

But another fellow close to the promotion says that, even in the unlikely event of a rematch, King may be on the outside looking in.

"Don breached so many clauses of the contract for this fight," said our source, "that he probably won't even be allowed to promote a rematch."