Yesterday, I penned an article about the WWE playing the John Cena card as the host to try to boost Wrestlemania ticket sales, and explained that not nearly enough time had passed for his appearance to truly make an impact or move the needle. I explained a few different examples from different eras based on the Jim Cornette philosophy, "how can we miss you if you won't go away?" to illustrate when it can or can't be effective.
One of the examples I used was Cody Rhodes' ambitious exit from the WWE in 2016, his role in the launch of All Elite Wrestling, and ultimately how that time away allowed him to not only reinvent himself, but also build up the demand for him to become the top guy that he is today. I also mentioned that with rumors of Chris Jericho's possible return to WWE that the eight years away from the organization created an anticipation for a final Y2J run on the big stage before he hung up his boots.
Despite it being April Fool's Day, which you can't really count anymore because the entire world is a joke, the notion that Chris Jericho would be back in AEW circulated online just a few hours before Dynamite was set to broadcast live from his original hometown of Winnipeg. Sire, it made sense on the most superficial level as somewhat of a "homecoming," but since he had been kept off of television for a year, it looked like it was another case of Tony Khan paying someone to stay home to avoid giving them any exposure before they left the company, which is what happened with a slew of other talents before they arrived in the WWE.
Chris Jericho did, in fact, return to the company in the opening segment of the television show last night, but there are still more questions than answers surrounding his status going forward.
Jericho proclaimed that he was "home" in AEW, implying that he will be there for the long haul, and at 55, it's reasonable to assume that would translate to eventually retiring from in-ring competition at some point under the All Elite banner. As fitting as it would be for him to have his career conclude in WWE because of the nearly two decade run that he had there, Jericho has always tried to think outside of the box, in terms of avoiding being typecast by the corporation. Ironically, that's what prompted him to work for New Japan in 2018 and eventually ink a deal to be on the ground floor at the start of AEW. That's why while it seems like an almost automatic decision for him to choose a WWE return with a Hall of Fame induction and all of the merchandise that goes along with it, there's still a very valid argument to be made that he should retire as an AEW star.
By 2018, Jericho was being regulated to a background figure within the WWE landscape, as he had done more or less everything that he could do there, and the office saw him as a part-time legend to make cameo appearances. Jericho thought, and he was proven to be correct, that he had more to offer to the pro wrestling industry as a whole than a rather limited range of options in the WWE. Jericho was instrumental in All Elite Wrestling getting off the ground, not only because of his star power, but also the sense of optimism that he brought to the table around the new venture. Of course, the entire point of trying to launch a company on a national level is to try to reach the biggest demographic possible and thus maximize potential revenue. If that was Tony Khan's true goal with all of this is a different discussion for a different time, but the point being, for any new promotion, the office is asking the fans to invest in the product through ticket sales, merchandise and pay-per-view orders. The audience isn't going to be nearly as willing to do that if they think that the project might fizzle out rather quickly. Was there really a demand for Wrestling Society X t-shirts?
When Chris Jericho put the future of his career toward the efforts of All Elite Wrestling, it gave the fans a sense of confidence in the potential of the project to get off the ground because they knew that Jericho wouldn't risk being so closely associated with a venture if there was a major chance that it would fail. Make no mistake about it, Jericho's legacy would be looked at differently if AEW folded with him as the top star for the new venture. It can't be understated how important that vote of confidence was for the perception of the company when it started in 2019.
Jericho's peaks and valleys in the organization were discussed in the previous article so there's no need to rehash all of that here, but what exactly does he do in AEW now?
The promo that he cut on television was very general and didn't provide any indication on the direction that he will take going forward. It was reported online that he recently filed for the trademark of "the cornerstone," which some speculated might be related to his possible WWE return, but given that the company usually owns as many monikers as it can, maybe that should've been the clue that he was staying with AEW.
As I said in the prior write-up, I think Jericho has done more or less everything he can do in AEW so I'm really not sure who he works with or what storyline he could reasonable be used for in 2026. He started at the top of the card, as he should've, but with even the Ring Of Honor title reign out of the way, there's not too much meat left on the bone for him in the role as the established legend in the promotion. At 55 and a legitimate legend, it's not as though Jericho can work the opening match with Serpentico. No disrespect to Serpentico, of course.
However, what Jericho is booked for in this new chapter in AEW might actually depend on his true status with the company.
There were rumors that Jericho's AEW contract was frozen when he took time off to tour with Fozzy. If that was the case, depending on how much time he has left on the deal, this might be a short-term run with a basic angle. If his agreement with the promotion expired at the end of 2025 as the rumor mill suggested and he signed a new contract to more or less decide that he will spend the rest of his in-ring career in the company, the way to book him could be exponentially more complicated. Again, you don't want to use his cache as a star in a way that doesn't progress the narrative of the shows, but at the same time, there's not much new territory for him to cover in AEW. Obviously, it remains to be seen how Jericho is used, but given the prior criticism about how his tenure plateaued before the hiatus, the decision on what to book for him should be made very carefully, as it could determine if the final chapter of his career as an active wrestler is yet another tenure that he kept himself relevant or if it gets panned by the audience.
Assuming that Jericho opted to sign a new deal to retire with AEW, you have to ask yourself what was the motivate behind it? It could be as simple as Tony Khan didn't want to lose another top star to WWE, even if Jericho's impact on AEW in more recent years has been minimal. Tony might've offered him such a hefty amount of cash that Jericho couldn't turn it down. The pomp and circumstance of the WWE Hall of Fame induction is a great way for the performers to get recognition and appreciation, but the WWE HOF status doesn't pay the bills. Benjamin Franklin wields more power in the real world than the WWE HOF plaque. If it was just a matter of money then it was an easy situation. At the same time, Jericho has made a career of trying to stay ahead of the curve and differentiate himself, what does he do if he returns to the WWE? The reaction to the initial comeback would be a historic moment, but what about the actual direction? The prospect of Gunther choking Jericho out in his final match isn't exactly the best option, not because he shouldn't put Gunther over, but rather that it would make him just another name on the list.
It remains to be seen how the situation unfolds and only time will tell if the return to AEW was the right move for Jericho, but the biggest takeaway from this scenario might be that while All Elite doesn't have nearly the same momentum now as it did in the early years of the company, it's still a major factor in the industry.