That means Michael Bisping is a huge underdog for that fight.
7.35 is just a simple multiplier. The amount you bet on Bisping will be multiplied by 7.35 and those will be your winnings.
As for the Over 1.5 and Under 1.5 those are asian handicaps for rounds (in this case). If you bet on the over 1.5 you believe the fight will at least have two rounds as for the under 1.5 the match will only have one round.