I'm sorry, but you're wrong. His extension doesn't give him power, it proves he already has power over the UFC. If Conor has no power, why did he get a deal better than every other fighter gets? If the UFC doesn't need Conor, why would they give him a deal that they would never give any other fighter? The only power anyone has in a negotiation is the ability to walk away, and Conor has way more ability to walk away from the UFC at this point.
Really, the cross-promotion with his whiskey brand, which is something no other fighter in the UFC has, will make that even easier for him.