This fight will never happen. Malignaggi has said it time after time, even recently. (FF it to the 0:44 mark, Paulie explains why in great detail)
Hypothetically speakin', if the fight were to happen, I'd have to ride with Paulie. He's a very skillful and slick fighter. Collazo is good, but he isn't as skilled as Paulie IMO. What he (Paulie) lacks in power, he makes up in skill. He has decent footwork, decent ring generalship, decent combos, and decent ring IQ.