Among other things it is clear that one reason Diaz did not change his style is because his brother told him throughout that he was winning, despite frequent misgivings from others in the corner.
It was not possible to discern each voice in Diaz's corner, so the voices are attributed to Nate Diaz and a generic "Red Corner" which is in all likelihood usually boxing coach Richard Perez.
Before Round 1
Nate: Fuck this guy, be smart a’right?
Nate: Wake up, Dude! Wake up! There you go!
Red Corner: Be calm in the corner. That’s where the cameras are, they’re tryin’ t make us look bad. The camera is makin’ us look bad for freakin’ out so be calm on the cameras
Nate: Watch that straight right left hook he’s gonna try, straight right – left hook.
Red Corner: Let’s go Diaz! Be smart! Let’s do it!
Red Corner (right after the first leg kick): Check that kick
Nate: Watch that straight right – left hook!
Nate (4:43): Put that chin down!
Red Corner (4:05): Box him up, Nick!
Nate (4:07): Feints too! Feints! Make him throw!
Red Corner (3:45): Turn it up! He’s trying to run! He’s trying to run!
Red Corner (3:08): You got him against the cage!
Red Corner (3:02): Cut him off, don’t follow! (The command is repeated many (!) times from here on out till the end of the round)
Nate (2:04): There you go! Set up the body!
Red Corner (2:01): You stand up tall!
Nate (after a spinning elbow by Carlos at 1:58): Fuckin’ dick!
Red Corner (1:31): He’s landed the better shots so far
Nate (1:30): Yah.
Nate (1:27): He’s tryin to pace for five rounds.
Red Corner (1:14): Flank him! Come on! Get him against the cage! Body!
Red Corner (after Condit escapes again and a lot of "Cut him off!" previously): You let him get off again! Don’t let him get off!
Red Corner (0:26): Back him up! Take a step forward! Set it up! Step forward! Turn it up!
In Corner Betweene Round 1 and Round 2:
Nate: Sit down, sit down.
Richard Perez: Don’t let him circle, you hear? When you got him against the cage...
Nate (interrupting): Deep breaths, deep breaths.
Richard Perez: Deep breaths, out of your mouth! Now...when you back him up against the cage Nick, you gotta stay in his face hard, you understand? So what you’re gonna do is your gonna pump that jab...
Nick: (to Nate, interrupting) Gimme the bottle of water.
Richard Perez: And you go to the body and then back to the head. Head-Body, it’s wide open, you can get him.
Nate: He’s tryin to make you chase him too [him and Perez talking over each other] Cut him off real good.
Nate: He’s tryin to coast for five rounds. Cut him off good!
Red Corner (4:35): Here comes the headkick! (It was another leg kick)
Red Coner (4:10): Keep comin. You have it there, dog!
Nate (to a teammate, 4:03): He’s got nothin on him, dude. He’s just tryin to set stuff up. (right here, Condit throws a spinning elbow at around 3:58) See, that’s the kind of asshole-shit he’s got. But...he better land a good one if he wants to end it cause he can’t really do too much.
Red Corner (3:41): You gotta throw your punches down the middle!
Nate (3:32): Make him come to you!
Red Cotner *applause after Nick taunts and slaps Carlos*
Red Corner (somebody else than the staff that could be heard so far 3:08): Condit you pussy!
Nate (2:50): Make him chase you! Make him chase you a little bit! Let him chase you too he ain’t got shit!
Red Corner (1:40): Make him miss! Make him miss! Let your hands go!
Red Corner (1:24): He’s tired now! He’s tired! He’s getting desperate right now, he’s getting tired! Down the middle!
Nate: Nicks gonna pick up the pace later in the third-fourth round
Red Corner (0:37): Come on, Nick! You can’t win like that! You can’t win like that!
Red Corner (0:17): Throw! Throw!
In Corner Between Round 2 and Round 3
Nate: Ok, sit down
Red Corner: You can’t finish him by following him. Your doin good
Nate: Keep doin’ what you’re doin.
Red Corner: You’re doing good. You got him runnin now. He’s gassin out from runnin.
Nate: You ain’t gonna have to chase him so much, too. You can if you want but you don’t have to. He’s trying to make you chase him around. You can wave him down like "Come to me motherf-----!". You won the last two rounds so keep doin what you’re doin. But you can make him come to you too. Or do what you want. You can do that too, he ain’t doin nothin.
Nate: Good job brother, you’re doin good.
Nate: It’s lookin good
Red Corner: You think so?
Nate: Yah, two – zero.
Red Corner: Sometimes though, they...
Nate: Nah, two to zero. Everybody knows that. Fuck that! The guy ain’t doin nothin. He’s doin what he can though.
Red Corner: He’s running. He’s running the whole time.
Red Corner (after Nick flurries on Carlos 4:23): Oh, nice! Nice left hand!
Red Corner (4:21): He’s hurt! He’s hurt Nick! He’s hurt!
Red Corner (4:12, as Carlos turns his back briefly and jogs to the middle of the cage): Get on top of him! You gotta be on top of him when he does that! He’s not set. Now down the middle! Come on!
Red Corner: (3:43) You got it dog! Keep going! Keep doing it! Keep doing it! He don’t know what to do no more! That’s it right there! He’s turning! He’s turning! Step over! Step over, down the middle!
Nate (2:51): Heartrate, Nick!
Red Corner (2:30): Don’t let him bounce around!
Red Corner (2:07): Come on now, Nick! Don’t stand in front of him! Back him up, there you you go! Mix it up, Nick!
Red Corner (to Nate): He’s gotta get the punch-combos going
Nate: Yeah. It’s hard though when you’re chasing the fucker all over the place.
Nate (0:16): Don’t chase him, walk him down, Nick!
In Corner between Round 3 and Round 4
Nate: Here, sit down, brother
Nick: Did I get hit?
Nate: Nah, you’re not even cut.
Richard Perez: He’s got nothin no more, dog. You hear me? He got nothin no more. All you gotta do is go down the middle, get that body-shot. Don’t stand in front of him though cause you may get hit
Nate: You can make him come to you as well cause he’s just running from you. Don’t chase him. Wave "Come to me, motherfucker", you know what I mean? You can keep doin what you do the whole fight. You gotta cut him off really good, ok?
Red Corner: Man, they’re trying to cool him off. That was a lot of water.
Red Corner: His heatrate seems still alright
Nate (4:49): That’s what they do, they make him all wet so the punches slip off and shit.
Red Corner (4:44): Is that allowed here?
Nate (Yelling over to the other corner): Ey, y’all put too much water on that motherfucker, man!
Nate (4:32): Ref! Dry him off, ref! Dry him off!
Nate (4:23): He’s slippin all over the place cause they put water all over him! That’s weak.
Nate (3:48): Okay let’s go and pick your shots right now, let’s not go for the fence right now! Quicker shots that land, Nick! They don’t got to be hard now, just make’em land!
Red Corner (3:25): He’s gonna run in a circle all night. Let’s get some hooks, make him stay in there!
Red Corner (3:02): Body lock!
Nate (3:01): He all wet!
Red Corner (2:59): It’s awful. Yeah, referee’s gotta
Nate (2:50): He’s wet, dude! He’s all wet.
Red Corner (2:48): Let your hands go! Don’t stand in front of him!
Nate (still about Condit being all wet): That’s weak dog. That’s weak.
Nicks corner is clearly frustrated that he let’s Condit escape from the cage so often, exclaiming "aw man!" and calling for him to stay on Condit.
Nate (1:50, as Condit sprints away again): Call for a yellow-card!
Nate: That’s the best he can do man. He’s just surviving the fight!
Nate (1:15): Step on the outside!
Red Corner (1:13): Take the center! Make him come to you!
Red Coner (0:50): Put him in a war, Nick! Make him waste his...let’s get his heartrate up!
In corner between Round 4 and Final Round
Nate: Hey ref! Ref! Ref! Ref! Ey, they keep wetting him! He’s all slippery because they keep pouring water all over him.
Referee: Alright, alright!
Nate: There’s water...
Somebody says: What do you think. Maybe Nick
Nate: No. No, no, no, no, fuck that, you got every round.
Nate: He might have got that last round but that’s it. You got the rest. You’re up three to one, okay? Rinse it out, take a drink. Let’s get a couple of ten second intervals in this one, ok? Whenever you want, whenever you’re ready.
Nate: This is the last round, right?
Red Corner Is this the fifth round?
Nate: Yah. Fifth round.
Nate (4:14 after the usual calls): Be smart Nick, make him miss!
Nate (4:02): Quick punches that land, alright?
Red Corner (3:38) You just stand in front of him! Come on Nick, come on!
Red Corner (3:26): Don’t stand on the outside!
Red Corner (3:12): Take him down when he stands like that!
Red Corner (2:32 as Nick gets a body-lock): There it is!
Nate: Yeah! (as Nick takes it tot he ground, 1:20)
Nate (1:10): He’s gonna finish somethin, dude.
Red Corner: Relax! You got a minute! You got a minute!
Nate (0:50): Yeah, he’s trying to get that armbar.
Red Corner (0:30): Break his nose!
Nate: 30 seconds, go on top! Now, Nick, now!
Nate (0:17): Ey, let’s get some elbows, get some punches! 15 seconds!
Red Corner (0:09): Set that choke up!
After the Fight:
Official: Nobody goes in until I say. Stay right here, please
Red Corner: Yes, Sir.
Nate: Fuck yeah!
Red Corner: Get his shirt!
Nate: Ey, gimme his shirt! Gimme his shirt!
Nate: You won that shit!
Official: Now get in there. You know what to do?
Red Corner: Yes, Sir!
Nate: Gimme that shirt!
Dana White: Good job, dude!
Nate: Ey! For sure four to one, a’right?
Nick: I got that? I got that homie?
Nate: Yeah Fuck yeah, you got that.
Nick: I pushde him back the whole time
Red Corner: Yeah, yeah, he ran.
Nate: All we got is the sweatshirt. Ey yo, put this on. I tell you four to one for sure. No problem.
Red Corner: He ran too much.
Nick (probably looking at the replay): They’re showin only his shit.
Nate: Yeah, that was the last round. But you got four to one for sure. There’s no way...
Nick (interrupting): I almost finished that armlock.
Nate: Yeah, yeah, I know. He knew he was biding his time too. Hey look, Nick, you guaranteed no matter what won that fight.
Nate (shaking Greg Jacksons hand): Good fight!
Nate (shaking Carlos’ hand): Good fight, Carlos
Nick (talking to Lorenzo Fertitta. Unfortunately, this is very hard to understand): You asked me to fight, I came here to fight. I came in a little heavy. It was either I could cut the calories or cut the sparring [...]
Nate: "Hey, listen. Listen: He did what he had to do, alright? That’s what. So he’d get through that fight"