What's next for CM Punk?

As was the case for the past two months, the aftermath of the All Out media scrum, which saw CM Punk go on a public tirade against the EVPs of AEW before a locker room brawl, was in the news again this week. The Wrestling Observer's Dave Meltzer reported that the company's investigation of the incident, which had a number of those involved suspended, concluded. It wasn't publicly announced who conducted the investigation or what the findings of the process were surrounding the backstage fight. The fact that Meltzer previously reported that Punk's longtime friend and trainer Ace Steel was released, as well as the news that the former AEW champion was in negotiations for a buy out of his contract, while a video package aired this past week for the return of The Elite, it seems obvious that the investigation didn't rule against the EVPs.

All things considered, this shouldn't be surprising at all. As I wrote earlier this week, The Elite are Tony's crew and believed enough in his willingness to fund a wrestling project that they passed up offers elsewhere. Kenny Omega had a top spot in New Japan, but put enough faith in the ability to make money a Khan-owned organization that he stepped away from an established position to take a spot with a new entity. On the other hand, CM Punk inked a big money deal with All Elite after it was clear the promotion wasn't going to flop so there was very little risk that his involvement would be associated with failure and he started as one of the highest paid performers on the roster. If nothing else, this entire debacle that CM Punk is about CM Punk, which is fine because the wrestling business is based on how much an independent contractor can earn during their prime years, but the notion that he was some martyr for pro wrestling was disingenuous to say the least.

At the same time, would anyone be surprised if an "investigation" in the pro wrestling business was as much of a work as anything else?

That said, I think if Punk had any legal options, particularly based on who started the physical confrontation, he'd be willing to sue The Elite or even the company to attempt to get his full contract. As of now, that hasn't happened so he might be more than willing to negotiate a deal to get as much cash as possible before he official cuts ties with the organization.

According to Meltzer, a few of the top names within the promotion flat out refused to work with Punk, and there was another report that made the rounds on social media that Chris Jericho told Punk face-to-face that he was a detriment to the company. I take all of that with a grain of salt, especially The Observer's report of the top names that didn't want to work with Punk. Again, the bottom line of the business is making money, and in theory, the biggest money to be made in All Elite Wrestling would be the opportunity to work pay-per-view matches against CM Punk, considering his level of star power. Granted, it's possible that the top tier of the Khan-owned league didn't think it was worth the negative publicity to have him in the company or repeating the mistakes of other companies in the past. Nobody touted the success of any of those Ultimate Warrior comebacks or working with him in the 90s.

However, it's important to keep in mind that during the now-infamous press conference, Punk took the "dirt sheets" to task for what he claims was false information about his impact on Colt Cabana's minimized status when he was shifted to the mostly non-existent Ring Of Honor brand. It's well-known that Meltzer is friends with The Elite, and had a vested interest in the success of AEW, specifically when tickets were sold to Meltzer Q&A sessions during the weekend festivities of some of the All Elite pay-per-views. It's more than possible that Meltzer "reported" top stars aren't willing to work with Punk because the former UFC fighter claimed that The Observer was inaccurate. Punk went as far as to imply that Meltzer was being fed information by his friends in the company to attempt to make him look bad online. Punk had a brief exchange with Bryan Alvarez at the press conference as well. It wouldn't be shocking if Meltzer's goal of this newest report was simply because of a vendetta against Punk for his criticism, but at the same time, it's also very possible that guys like Jericho, Jon Moxley, and others don't want to deal with another Punk press conference.

As far as Chris Jericho's comments toward Punk, it's well-known that Jericho will speak his mind. If this was merely a political move, an act of leadership, or both is anyone's guess. Is Jericho political? Sure, but that's often the name of the game in pro wrestling. Jericho kept himself strong on AEW TV, and there's nothing wrong with that. There are benefits, both to Jericho to himself, obviously, and to the organization to have that star power maintained. As long as his appearances are a net positive, which they are, then any criticism of his political maneuvers are moot. Although, I'm still not sure why he had to win the last match of the Eddie Kingston feud.

Of course, there's always going to be the notion that The Elite and its crew are manipulating Tony Khan so that he continues to sign the checks. That claim will always exist as long as AEW exist simply because Khan is from a billionaire family and decided to fund a wrestling project. If that's the reality of the situation or not is a completely different matter, although it's ironic that some critics will brand Tony as a money mark, but they should remember that if Khan didn't have the funds of a billionaire family, none of this is possible anyway. I'm just guessing, but Jericho saw what mismanagement did to WCW, and The Elite saw the collapse of TNA. There's more money to be made for everyone involved if All Elite gets off the ground to become a profitable project. Hulk Hogan worked Dixie Carter for major money in the span of just a few years and then the paydays from Bob Carter were over. Anyone with business sense knows that it's better for everyone involved not to treat All Elite as a money grab.

With Punk's impending exit, there will undoubtedly be talk of a Punk return to WWE, if only because it puts him back on the free agent market. We all know that there were lawsuits and bad blood between the two sides, but the same could be said about Warrior and others so you can't rule out a return based on any of that. Discontent and hostility in the past don't prevent the chance for money to be made in the future because cash tends to help mend fences.

That said, is there really money to be made with CM Punk in WWE?

At this point, especially with all the drama around his All Elite exit and the aftermath adding some credibility to the speculation that Punk is more about Punk than the state of the sport, CM Punk returning to the ring again has somewhat of a "been there, done that" atmosphere to it. There was a demand to see him in the ring again, but after seven years away, the sport might've progressed beyond his era. Again, his debut in All Elite didn't shift the industry the way that The Outsiders did on Nitro. At a time when WWE appears to be changing the presentation of the product, is there a place for Punk in the organization? Furthermore and this is the most important piece of the puzzle, who does CM Punk work with in WWE that would generate bigger money than what is already on the table now? Roman Reigns is an option, but Punk vs. The Shield already happened in 2013. What's the story for Cody Rhodes vs. Punk? Cody already has the perfect narrative waiting for him when he heals from injury, he has a chance to be the one to finally dethrone Reigns to win the title for his dad. Does anyone want to see a Bray Wyatt/CM Punk feud? I'm not saying that those options wouldn't draw money, but these are questions that would have to be asked if a WWE return is on the table.

What does all of this say about CM Punk?

As unbelievable as it might've sounded just a few years ago, despite the star power he has, CM Punk more or less made himself unemployable in the pro wrestling industry. If the UFC contract and AEW deal proved anything, Punk isn't going to lace up the boots for peanuts. He's not going back to the local flea market for the love of the game. New Japan might be able to afford him for a one-off match, but as far as realistic options in sports entertainment, Punk can work for AEW or WWE. For years, the narrative was that Punk tried to fight against the corporate machine for the prosperity of pro wrestling. WWE wasn't the place for him because it was essentially too political and too corporate. After a failed, but lucrative attempt in the UFC, Punk made his long-awaited return to the sport for All Elite Wrestling, an organization, both for some positive and negatives, is vastly different than the WWE presentation. Punk made it a year, a quarter of that time he spent injured, before he publicly buried the company. When the spotlight was on him, he didn't complain much, but the common denominator in both situations is that Punk was difficult to deal with. At some point, CM Punk isn't worth the hassle, and that's probably why there won't be a WWE return.