When NXT was set to go head-to-head with AEW's Blood and Guts episode of Dynamite, WWE brass knew it was an opportunity to take away a portion of the audience from one of its competitor's specials. All Elite is a competitor in the sense that it's in the same business and are generally trying to target a similar demographic, but make no mistake about it, Tony Khan isn't going to surpass TKO by any metric. The star ratings don't count unless they start to include a cash prize. Still, one of the many reasons that WWE maintains its grip on the market share as much as it does is partially because it doesn't leave the door open for competition to expand its audience. When Vince McMahon coasted on his monopoly throughout the 2010s, there was enough dissatisfaction within the industry that there became a demand for an alternative, leading to the formation to All Elite Wrestling in the first place.
In many ways, the WWE office allowed Tony Khan to trip over himself, and the argument could be made that he put a ceiling on his national product with the way that he tailors the presentation to a die hard demographic rather than offering something different to the general wrestling fan. The Blood and Guts matches, specifically the women's segment, was proof that Tony has no regard for any other audience than the most die hard fans that will watch professional wrestling under almost any circumstance. We've seen it time and time again, the Meltzer scale is how Tony judges his results, not ratings, revenue, or pay-per-view buys. If you want to debate that, when CM Punk was still on the roster, Dynamite drew an average of around a million viewers. The show garnered 620,000 viewers last week, nearly a 40% decline from four year ago. The lower the viewership, the lower the ad revenue, and with less of an audience to market toward, there's less of a reason for sponsors to be involved.
It's ironic that the NXT/Dynamite competition was the story this week, specifically because there was a time when Dynamite had a health lead in the numbers, albeit against a developmental show. In fact, NXT was moved to Tuesdays in an effort to improve its numbers. CM Punk was the reason that Dynamite often had the better night on cable for Dynamite, but was the prime source of competition when he challenged for the NXT championship against Grayson Waller.
Waller and Punk have chirped at each other in the past, and with Punk as the true contrarian that he is (often hypocritical as well), it is on brand for him to do something outside of the box to challenge for the developmental brand's championship. Granted, the notion that a developmental show would be on national television is an oxymoron, but it garners decent enough numbers to land a broadcast television deal, and if nothing else, it gives the performers valuable experience, even if the content of the shows are absolutely useless in the grand scheme of things. There's a very clear line to let the audience know that what happens in NXT has more or less zero effect on the main roster, and if someone arrives to Raw or Smackdown with a level of hype, the vast majority of the time, it has nothing to do with anything they did on the developmental show.
In this particular case, it gave Grayson Waller, who was absolutely dead in the water as a character when he was paired with Austin Theory a few years ago, a chance to completely rejuvenate his career. Again, it's not as though any major business or anything of major substance is going to be done in NXT, but it basically allows for a "trial run" so to speak on how a new direction for a performer might get over on the main roster. Waller defeated Punk, with an assist from Kevin Owens ahead of the Owens/Punk bout scheduled for Smackdown on Friday. That gives Waller something to boast about, and potentially a direction for him in the future if he gets called back up to Smackdown, while adding another layer to the match in a few days. Of course, this interference gave an excuse for Waller to retain, but was also a way to keep Punk strong.
Still, the whole scenario makes you wonder, should Punk win the NXT championship?
Obviously, Punk doesn't need the belt, nor does the brand need him as champion on a long-term basis since it would dilute the mission statement, but again, Punk has always prided himself on going against the grain, and it would definitely be a way to add some variety into the WWE landscape during the almost unavoidable lull in momentum between Survivor Series and The Royal Rumble, the start of Wrestlemania season.
Punk already worked an event under the AAA banner when the Mexican brand was brought to Chicago to oppose the All Out pay-per-view in September. I don't see any reason not to throw a wrinkle into the fabric of NXT, with the championship being brought to Raw or Smackdown for a limited amount of time, as it spotlights the brand, as well as gives the audience something unique before the cards get dealt for the previously mentioned Wrestlemania season. The other aspect of this is that while Punk is a jerk, he's a talented jerk with a dedicated fan base. Even Punk's most outspoken critics, and there's a lot of that criticism that phony Phil deserves, will acknowledge that his comeback stint with the company has been stellar. Sure, it's okay to collect the Saudi blood money as long as it goes in his pocket, and it even bought the Saudi government an apology when he was there, but the bottom line is, CM Punk moves the needle, putting him in a rare category in the modern era of the workers that have the ability to do so.
That cache is at a level of stardom that CM Punk is as over as he's going to be, and regardless of what he does from now until the time he hangs up his boots, he will maintain that level of star power, another rare tier to be included in for the sports entertainment industry. It's somewhat similar to John Cena, as far as, Punk doesn't have to win another match or another championship for the rest of his career, he will always have that popularity. He's a cemented superstar with nothing left to prove, even if there's still business he can do as an in-ring workers. Because of that, if he would hypothetically win the NXT championship at some point, it would do zero damage to his position in the company, but would be a major boost for the performer that would defeat him for the championship. I don't see the office running with the angle of such an established main roster star working NXT television in such a role, but I'd still say that it would be something worth considering, as it would provide some meat on the bone so to speak for the brand with some entertaining television on a limited basis, particularly with Cruz Montana seemingly moved to Raw after his surprise debut as a part of the 946 stable this past week.