Paul Gallen will hand $50,000 over to Justin Hodges if he can knock him out on September 15.
Gallen will take on Hodges and his former Queensland teammate Ben Hannant on the same night in what shapes as a bizarre farewell appearance for the NRL premiership-winning captain.
Details around the format of the event are still to be finalised but, at a press conference in Brisbane on Wednesday, Gallen pressured Hodges into stepping up first.
"If you don't go first, I think it's a bit of copout on your behalf, to be honest," Gallen said.
"I'll make you a deal, if you knock me out - I'll give you 5/1 - you put $10,000 on it, I'll give you $50,000."
Hodges has campaigned for a fight with Gallen for several years and, after recording three wins since December, has finally got his wish.
Gallen, who has a 12-2-1 professional record and wins over Lucas Browne and Mark Hunt, is confident he will handle whatever Hodges brings.
"Have $10,000 on it. Put your money where your mouth is, put your balls on the line," Gallen said.
"When you knock me out, I'll give you $50,000, because it's never going to happen."
Hodges took some prodding but eventually agreed to the bet.
"I beat you in every series in Origin and I'm going to beat you here in Queensland," Hodges responded, before appearing to accept the terms.
"Yeah, sweet, done. I'll knock you out easy."
The former Maroons star refused to shake hands to seal the bet but Gallen was happy enough.
"[No Limit Boxing bosses] Matt [Rose], George [Rose], if I beat him, I want $10,000 out of his purse," Gallen said.
Asked about the challenge in front of him, Gallen poked his opponents by suggesting they were used to fighting with extra numbers on their side.
"It's pretty stock-standard for Queenslanders," Gallen said.
"I remember when I fought Nate Myles, Corey Parker came in and gave me a nice little cheap shot and we remember what happened in this year's series with big Tino and Matty Burton."
Gallen will take on the pair at Brisbane's Nissan Arena on Thursday, September 15.
Harry Garside will look to defend his Australian lightweight title when he faces Miles Zalewski on the undercard.