Who wins? Does Blob only take one or does he take as much as you push on him? Let's say Loki is hit for 5, he masterminds it onto Blob. Does blob only take 1 or does he take 5. Answers?

He would be dealt 5 but ignores all but 1.

Quote, quote, quote

Layers of Extra Fat: Blob ignores all but 1 damage dealt to him.

MASTERMIND
When this character would be dealt damage, you may instead choose to have all the damage be dealt to a single adjacent friendly character with a point value less than this character’s. Any additional effects of the damage dealt (knock back, penetrating damage, etc.) are applied to the character taking the damage. Damage dealt by this power is not an attack.

Any damage redirected by Mastermind is damage dealt but it does retain its nature (italicized)
Blob ignores damage dealt to him. Since this does not reduce he would also disregard any penetrating effect (I used disregard to avoid confusion with game effect word, ignore)

Good question and great idea, Loki is actually one of my fav clix, so this works out great!

To piggy-back on this topic, if the attacking character rolls doubles and "knocks back" Loki, but Loki Masterminds the damage and effects to Blob, Blob would not be knocked back due to his trait ("The Blob cannot be knocked back, carried, or moved via Telekinesis"), correct?

yup. kb, along with penetrating dmg, transfers with MM.

That's what I thought. I'm looking forward to fielding a Brotherhood team with Mystique and Blob fighting side by side to take advantage of this combo. Thanks!

Blob is everything Ulik should have been while being able to pound opponents into dust.