Well assuming he looks decent against Horn. Said five minutes ago on First Take. His thought process was Pacquiao has fought title contenders for three years while Mayweather hasn't even faced an actual boxer (Conor isn't a boxer)
If you watch their fight there were a couple times Pacquiao just missed with really sick shots. Maybe that is what Max is talking about.
PAC hurt Floyd 2 or 3 times and Floyd fought like a bitch considering how much bigger he looked. But PAC has only fought a handful of times since then and didn't look great.
Manny has been done as an elite guy for years but now he looks to be barely a top guy. He's not going to get younger between now and his next fight. Floyd could be near shot as well for all we know.