Yes, it will be a boxing match. Much like the Askren fight, it will be sanctioned.
Current odds:
-175 Paul
+145 Woodley
In other words, if you put $175 on Paul, you will win $100 if he wins. However, if you put $100 on Woodley, you will win $145.
A jump to 190lbs +/- is quite a bit for Tyron. Plus, the guy hasn't won a fight since 2018. But, that fight was against a striker....which he won by early KO.
I see Jake Paul moving up to 4-0.