Drew McIntyre wins WWE title

The WWE championship changed hands when Drew McIntyre beat Cody Rhodes in a two out of three falls match in Berlin, a result that was spoiled because of the time difference so the company wisely played into it with teasers on social media to imply the title switch. There's no doubt that Cody Rhodes dropping the WWE title on an episode of Smackdown was unexpected, given that with the way that he was built around for a few years, you'd expect a title change to be booked at a major pay-per-view.

That's not to say that this was the wrong decision, but rather to point out how unexpected it was since there are rarely world title matches on television and thus it's even more rare when a belt changes hands at a TV taping. Of course, this shuffles up the deck, as it was designed to do, but at least right now, I'd have to ask, was this a decision that was made simply to surprise the fan base or is there a bigger plan in place with more substance than the short-term hype of a new champion?

Truth be told, I really think that Cody is a made man at this point, he reached a level where he has the credibility of a top guy and the representative of the organization. As long as he doesn't flounder, which he won't as WWE often prioritizes the performer in the position as a representative of the promotion, he can maintain that spot simply by continuing to be the top-notch performer that he is. His status in the organization has transcended championship, a place that allows for more depth to be added to the roster as others can move up the ladder as well.

Cody's success and status aren't based on if he has the title, which is a good spot for him to be in as he's cemented as a main event star without needed to be booked in a way specifically designed to ensure that. So, losing the belt doesn't hinder or affect his star power, but it definitely creates questions ahead of Wrestlemania season.

Obviously, that intrigue is by design and that's why it's the smart move. Cody could've coasted into Wrestlemania with a paint-by-numbers approach to the booking and it would've been status quo. There's nothing wrong with that, but there's also the risk of complacency, which was one of the main reasons that there was so much drek in the few years prior to the COVID-19 pandemic under the direction of Vince McMahon. In short, this gives the WWE viewers a reason to tune into the shows as the road to Wrestlemania unfolds. That "selling point" to tune into the television product consistently, which is difficult enough as it is with the numerous options of competition for viewers across the landscape of media, simply isn't an option if the audience knows the predictable feud for Wrestlemania. Again, one of the reasons that the product was so stale during the era that Vince tried to force a push of Roman Reigns as the next John Cena was because you could skip literally a month of Raw or Smackdown without missing much of anything. As we know, the complacent programming of 2015-2018 was ultimately one of reasons that there was a demand for an alternative that led to the launch of All Elite Wrestling.

It can't be understated how important it is to avoid a stagnant or complacent position in the industry. As we saw in the downturn of the early-2000s and again in the late-2010s, if a product is stable, fans will simply stop watch if there isn't an alternative. Sure, the diehard audience stuck with it since it was more or less the only option at the time, but the causal fans of those eras often just completely stopped following the sport. Despite the WWE's international success and the surge of big business they did with their core audience the past few years, there's a reason that the amount of fans watching pro wrestling consistently today is basically lower than almost any other time in history. Granted, the competition for viewers is exponentially increased as every channel, streaming platform, and podcast compete for a portion of viewers, but the bottom line is, in a previous era, it would've been unthinkable that Raw or Smackdown would draw under two million viewers, but it eventually became the status quo.

Maybe that's a moot point because of the record-setting profits that TKO can tout with their massive media rights deals, but it's important to keep in mind that the WWE was able to cash-in on those contracts based on the climate of the media industry, as networks and streaming services looked to stay ahead of the curve so to speak and secure their piece of the pie, not because of the popularity of pro wrestling. Along with that, you have to wonder if the core demographic that follows pro wrestling will continue to erode in the future? Where is the WWE in the next decade? If it's sold to the Saudis, maybe the TKO business strategy is to inflate the value of the company as much as possible in the short-term since the ramifications of that won't be their concern if Saudi Arabia owns the company two 15 or 20 years from now. 

With Drew as the WWE champion, the office more or less can start fresh in the main event scene of Smackdown if there choose to do so. I'm honestly not sure how much meat on the bone there would be left for more of Cody/Drew for the belt. The reason being, Cody beat McIntyre on three different occasions prior to this, putting Drew in danger of being typecast as a secondary guy. Based on the previous booking, it looked as though McIntyre was being used as just an opponent to keep Cody busy at the time, but the title victory gives him a renewed spotlight.

Jacob Fatu made his return after a few months away to heal from an injury, and with the way it was done, he inadvertently costs Rhodes the belt without turning heel. He was pummeling Drew, as it was thought that McIntyre was the one that attacked him to be able to write him out of the show, and Cody was caught in the crossfire, allowing Drew to sneak out of the cage. This gives management a few different options with either Cody vs. Fatu, or maybe Fatu could potentially challenge McIntyre for the championship?

I've written before that I think Fatu has the raw talent to be a main event guy because he can go in the ring and he has a level of authenticity that very few have on the current roster. That said, his momentum has decreased significantly when he was suddenly taken off of television to deal with the injury so while it's possible to build him up as a legitimate challenger for the belt, it will still take a specific effort from the office to reestablish him as a threat in the main event scene.

The biggest takeaway from all of this, besides the fact that if Drew would've lost again, it would've more or less finished his time in the title picture since you can only come up short so many times before the audience loses faith in a performer, is that to puts even more of a spotlight on The Royal Rumble since the result of the match will be key to determine the plans for Wrestlemania 42. If Cody was still the champion prior to the Rumble, there would only be a certain amount of performers that could be viewed as realistic winners, but Drew as champion changes that dynamic. Maybe Sami Zayn makes a run at this year's WM and gets the sentimental title win? Either way, the Drew McIntyre victory was a wise decision since it adds variety to the product before the build to Wrestlemania this year.

The career of The Public Enemy

The 90s produced some of the most eccentric and memorable acts in the history of the business. One of those acts is a pair that still hasn't seem to been given nearly enough credit, even in a modern era that looks back fondly on that era. Rocco Rock was a high-flyer as Cheetah Kid, but went until the radar until he was paired with Johnny Grunge to form The Public Enemy in ECW in 1993.

One of the biggest reasons that the 90s were so memorable, and also one of the reasons that there was such a down period in the time frame that followed was that the business often moved at a rapid pace, sometimes out of necessity. For what they brought to the table, "The Fly Boy" and Grunge were tailored for the hip hop culture of the decade and the brawling in-ring style that allowed ECW to get noticed at a time when the business was still in a slump from the negative press of the WWE steroid trial of the early-90s. 

It shouldn't be overlooked or understated how important that notoriety was for the upstart league based in South Philadelphia, as video tape sales were one of the reasons that the promotion was able to stay afloat, especially in its early years. Along with Sabu, who was a cult phenom at the time, The Public Enemy's wild brawls were a major selling point for those VHS tapes that provided a key revenue stream for the organization.

As far as the business moving at such a fast pace during that era, The Public Enemy spent just under two and a half years in the extreme organization, starting there in September of 1993 as a team that the newly-anointed booker, Paul Heyman spotlighted as a representation for the brand that he was trying to build to spark a stagnant industry. 

Make no mistake about it, Rocco Rock and Johnny Grunge were notable stars by the time they left ECW. 

This week actual marks thirty years since the House Party event in 1996, a show that was built around the final appearance of the duo at the ECW arena. It's ironic that as blood thirsty and unforgiving as the crowd was known for being, specifically when talent left for the bigger money in the major leagues during the next few years, the crowd seemed to want to celebrate The Public Enemy when they defeated The Gangstas in the main event segment thirty years ago.

It should be noted that while the under card was mostly undistinguished, with the exception of Too Cold Scorpio vs. Mikey Whipwreck and Sabu vs. Stevie Richards, this event saw the debut of Rob Van Dam in a six-minute showcase match against Axl Rotten. The reason that House Party 1996 was such a key event in the history of Public Enemy as a team was that it provided the opportunity to make the best money of their careers, which is something not every notable talent from ECW had a chance to do in their careers. At the same time, the exit from Philadelphia was more or less the peak of their careers.

Regardless of if it was politics, the shifts in the industry, or simply unavoidable circumstances, The Public Enemy were never able to eclipse or maintain the status they had in either of the bigger organizations. As we know, they left for WCW in early-1996 and all things considered, the first two years of their run in the Turner organization was mostly good stuff. Rocco and Grunge had fun matches with The Nasty Boys because of the sloppy brawls, an observation that is meant in the most positive way possible. Public Enemy also had entertaining matches with Harlem Heat and a slew of other teams in the promotion at the time. They actual won the WCW Tag Team titles in late-1996, but it's quite literally forgettable as they only held the belts for a week. If I had to guess, the reason that their run stalled as much as it did in their final year in the promotion was probably at least partial because of how the wheels started to come off across the board by mid-1998. The Turner group rode the wave of an electric run by Bill Goldberg through the end of the year, but there's no question that the cracks in the foundation that eventually led to the collapse started as early as 1998 before the company started to veer off course in 1999.

I'm not sure if WCW didn't know what to do with Public Enemy beyond the easy booking of the brawling matches with The Nasty Boys, or if Rocco and Grunge were too one-dimensional of an act at that point to bring something new to the table, but one thing is for sure, they didn't get the opportunity to try it. The Public Enemy got lost in the shuffle similar to dozens of other wrestlers so if they could've been more adaptable is probably a moot point. They left the Turner organization at the end of 1998.

This is where the business decisions, at least in retrospect seemed to have done a lot to minimize the careers of the team.

Three years after they made an exit, The Public Enemy were back in ECW with House Party 1999, an event specifically named to promote their return. The smaller group more or less was always struggling to maintain its talent roster from the time that it truly became a national commodity through pay-per-view in 1997 so it was a nice addition to the company to have a signature team back into the fold, particularly because The Sandman and Raven had also left for WCW since The Public Enemy had been gone. At the end of the show, Rocco Rock and Johnny Grunge returned to a wild reaction and confronted The Dudley Boys, the top team in the company the past few years. Public Enemy had a triumphant moment to celebrate their return. A week later at a house show in Detroit, where a spot was planned to allow The Dudleys to get a measure of revenge against Public Enemy to set up for a showdown at Cyber Slam 1999 at the ECW arena two weeks later, Rocco and Grudge decided to no-sell the attack from The Dudleys. Instead of being left in the ring to sell, The Public Enemy got on the mic, prompting The Dudleys to hit the ring again to repeat the beat down. Again, Public Enemy was back on the mic, and The Dudleys had to repeat the same spot to get the team to sell the attack.

They signed with the WWF for an ill-fated run that lasted six weeks. Infamously, they tried to change the finish of a match with The Acolytes on Sunday Night Heat, which led to them getting legitimately pummeled in the ring. They spent two weeks back in WCW before they finished up on the national promotion.

Sadly, Rocco Rock passed away of a heart attack in 2002 at the age of just 49. I actually had a chance to meet Johnny Grunge at a Hardcore Homecoming event in Pittsburgh in 2005. There was an in-ring segment where Grunge and Pitbull Gary Wolfe honored their respective fallen tag partners. Unfortunately, even as Grunge waved his arms around as "Here comes the hotstepper" blared in the building, there was a sadness in his eyes. When I met him at intermission, he was a very nice guy. Grunge less than six months later at the age of 39.

If I had to guess, I'd say the main reason that Public Enemy gets overlooked today is that their runs in the major leagues were either under the radar, underwhelming, or both. Furthermore, the fact that the work they did in ECW was before the company became a national entity probably skews the perspective. Obviously, it doesn't help that arguably the moment that they are most well known for, at least by fans that aren't familiar with the early portion of their career, is when they were beat up by The Acolytes. Maybe one of the other reasons that Public Enemy doesn't get the credit they deserve is that they were very much a product of time and place. The entire act was based on the 90s era and was so tailored to ECW that it just didn't translate to the bigger stage.

However, as I said, the impact of Public Enemy, especially toward the early days of ECW that helped get the promotion off the ground, should definitely be recognized. The brawls they had with The Gangstas, The Funks, and other teams were important highlights to the overall presentation of the promotion. Furthermore, the argument could be made that ECW wouldn't have propelled to the national stage as much as it did without the early contributions of The Public Enemy in the company.

AEW releases

I've written about the bloated All Elite Wrestling roster on several occasions, and a few weeks ago, discussed the positives and the negatives of the situation. Obviously, from a payroll perspective, it's silly to continue to send a check every week to talent that are either paid to stay home or hang out in catering. For the talent, there are two sides to the coin, as you can't blame anyone for taking the money on the table, especially when it's the security of a national contract to make a full-time living in the industry. In some scenarios, getting paid by Tony Khan, even if it is just to stay home or work an occasional ROH match that next to nobody actual watches, might be the best option for some of the performers. That's not a knock on them as real-life people that are trying to do the best they can, but rather to point out that not everyone is capable of reaching a level of making a full-time living in the business. For example, Serpentico is probably a great guy, but would the fans riot (or notice) if he wasn't on the roster? Do Ross and Marshall Von Erich get paid full-time or only when AEW runs in Texas?

I would never blame anyone for taking the money that's offered, if they can make that cash, God bless them. However, the somewhat harsh reality might be that landing a job to stay under the radar was probably the best they could've hoped for anyway, which isn't to say they aren't talented, but rather that not everyone is at a major league level. For some wrestlers on the AEW roster, the best move for them is to take the cash for as long as possible and hope nobody notices otherwise. Are they still sending Jake Roberts a check?

The other side of the coin for talent is that while they are getting paid that full-time living on a contract from a billionaire, they might unintentionally be trading the short end money for not only a bigger spot in the business, but bigger cash overall in the long run. It's disappointing, but there are several talents on the AEW roster right now that are more or less spending some of the prime years of their individual careers lost in the shuffle. Some of those wrestlers could probably be used in a better spot elsewhere, with Mike Santana and Frankie Kazarian as two main examples of performers that flourished outside of AEW instead of floundering in the organization.

This week, it was reported that there were three contracts that expired, and AEW chose not to renew the deals. It's actually a very nice gesture that Tony Khan often allows the contracts to expire rather than cut talent since it allows the wrestlers to get paid the full amount of their deals. Again, it goes against business sense, but we've often seen that money is no object for Khan.

Matt Taven, Mercedes Martinez, and Alex Abrahantes were among the names that will exit the company. In some ways, each performer could have a different path ahead of them, representing some of the shifting dynamics among the pro wrestling landscape.

Taven is a former Ring Of Honor world champion, although his run was rather undistinguished, as it was around the time that the core group of The Elite, the stable that provided the promotion with a surge in popularity, had already departed to launch AEW. Sure, Taven won the ROH belt in Madison Square Garden, but he was put in a no-win situation, as the sell out crowd bought tickets months in advance based on the momentum built around The Elite stable that had left the company by the time the show actually took place. That's a tough spot for a new champion, as Taven was the top guy for a company that had just lost significant depth to the roster, almost somewhat of a consolation prize in terms of perception. I could be wrong, but I've always seen Taven as a solid in-ring worker that could execute the maneuvers, but was rather bland as far as an overall presentation. He's a guy that's worth having on the roster to plug in where you need him, but he's not going to move the needle at the top of the card. In some respects, his tenure as ROH champion was proof of that. He only worked half a dozen matches for the ROH brand last year and was more or less out of sight, out of mind in terms of his status within the industry.

That's where it's a difficult decision, is the the paycheck from Tony worth the possible decline of your stock as a performer in the business? And, it might be, but it's undoubtedly a potential downside of staying under the AEW umbrella. I'd say that Taven's value as a performer declined during his AEW tenure. The question is simple, what has he done in the past three and a half years in the company? What memorable match, promo, or storyline did he have? The fact that he wasn't really given much of an opportunity to do so is irrelevant, we're talking about his value before compared to his value after working for AEW. Maybe it would've been a wise decision for him to request a release last year? At the same time, it's very difficult to make that decision since it would be giving up a steady paycheck to try to test the waters in a crowded pro wrestling market.

At 40, Taven is definitely in the latter stages of his career, but that doesn't mean that he can't or won't work for one of the national leagues going forward. In fact, I'd say that Taven should take the Santana approach and look for a spot in TNA. There's opportunity there with the promotion's AMC debut next week, and there could be a spot open for him with some talents going to NXT. As I said, Taven is a very capable performer so he definitely has something to offer either with TNA or maybe a return to New Japan as a solid mid-card talent. That's not meant as a criticism, either. Every card needs to be built and a solid mid card is part of the overall package. Guys like D'Lo Brown and Al Snow were tremendous in their roles and made careers as an entertaining part of the mid card.

Mercedes Martinez is such a solid veteran and it's unfortunate that she just wasn't at the right place at the right time to truly get a chance to showcase her skills. As a 25-year pro, she started too early to be a part of the female revolution of the WWE where women had the chance to work as serious athletes, but by the time there were more opportunities for female talent, there was a slew of younger athletes that had already been recruited to the Performance Center. Similar to Taven, her tenure in AEW was so far under the radar that it was easy to forget that she had a job. She hadn't worked an ROH match since 2024 and only had a dozen matches on the indys last year. She posted online that this year will be her last year as a full-time wrestler, I really think she'd be an almost obvious choice for a player-coach type of role in either NXT or TNA. Furthermore, after she hangs up her boots, Martinez would be a valuable addition to the Performance Center coaching staff in a similar fashion to  Sara Del Rey, another female competitor that didn't get full credit for her in-ring career, but has worked for years in the WWE developmental system.

It might seem like a retread, but Alex Abrahantes was too good at his job not to be paired with Penta again so hopefully, he can land a similar role in WWE. I was somewhat surprised that Abrahantes wasn't kept on the roster, if for no other reason than he works on the Spanish announce team, and AEW recently secured a deal for programming to be distributed in Mexico through the HBO Max streaming platform. The bottom line is, Abrahantes did well at his job, especially in the manager role so he should have some options in the future.

It goes without saying that AEW should cut down on the roster so situations like this have to happen to have a better structure with the presentation of the product, but it's also an example of the upside of the exits since there's an argument to be made for each of these performers that they have the chance to have a better run elsewhere.

The WWE lawsuit

Life is a work.

You've heard the cliche a lot, go to college, pursue a career, buy a house, get a dog, and try to enjoy yourself. The reality is, the skilled trades have been woefully left behind until recently, the future of the job market will depend on how many jobs the billionaires can eliminate through the use of AI, despite all the warnings from Sarah Connors, and the cost of housing and student loan debt will keep you working until you're 95 so don't look to collect those promised retirement benefits anyway.

At least getting the dog was still a good decision. Rescue a stray from the shelter, an actual underdog, not a purchase from a pompous breeder.

It's ironic, but the narrative that you're sold, at least in America, is often more of a work than professional wrestling. Perhaps, that's why the pursuit of the American dream is so closely associated with politics since that particularly field is also more of a work than pro wrestling. It's more profitable, too.

One of the ways that the suits of political parties look to ensure your vote is to preach the importance of an investment, a nest egg for the future. It goes without saying that the horrendous amount of inflation over the course of different administrations will chip away at those savings. Maybe it is actually better to store the cash under the mattress? Maybe set up a lemonade stand to capitalize on the emerging market of the dehydrated public when global warming continues to melt the planet?

That said, there's no doubt that there can be a return on investment when money is put into the right companies at the right time. When Apple went public 45 years ago, the initial public offering was $22 a share. As of this writing, the current price is $273 a share. If you would've spent that $22 on one share in 1980, you'd have made $55,552 over the years. Investments are like any other type of wagering, a higher risk can translate into a higher reward in the short term, or steady investment with a lower risk can yield a measurable return over the course of time. The dot com bubble that burst in the early-2000s, as well as scandals like Enron are examples of when you can get burned from investments. It's the nature of the beast, the same thing can happen in real estate.

The common theme is that investing in something steady and with a proven track record is generally a safer option that can see a return on the investment over time.

That's why the current WWE shareholder lawsuit, which just had newly-uncovered text messages from the discovery phase of the legal proceeding, is somewhat puzzling. Post Wrestling reported last week that there were a series of text messages from future TKO CEO, Mark Shapiro to Endeavor executives on the day of Vince McMahon's original resignation from the WWE in 2022 that revealed that not only was there a plan for McMahon to return, but that he was going to sell the company to Endeavor, which became the merger with the UFC to form the TKO corporation.

The amount of legal jargon involved in all of this is more confusing than Vince Russo's booking of WCW in 2000. However, the bottom line is this, basically the sale of the WWE to Endeavor, including Vince's strategy to strong arm his way back on the WWE board since he was still the majority stakeholder of WWE stock to facilitate the sale to Endeavor, was as predetermined as any of the winners for the WWE pay-per-views. The major problem with this is essentially the same thing that landed Vince in hot water to begin with when it was reported that he used company money to pay for nondisclosure agreements to cover up his affairs and sexual misconduct accusations. In theory, if the sale to Endeavor was preordained, WWE management, specifically McMahon, had no intention of working in the best interest of the shareholders of WWE stock, but rather had agreed to sell to Endeavor in exchange for CEO, Ari Emmanuel's promise to keep Vince in power as the head of the company. This definitely served Vince's personal interests, especially after the WWE board voted against him remaining on the board after the original misconduct scandal. Of course, when the Janel Grant lawsuit was filed in early-2024, Vince was exiled from the company completely, but the alleged agreement of the sale saw Vince return after the merger as the Shapiro text messages said was the plan. The Securities and Exchange Commission, which was investigating McMahon before his pal, the orange villain, had the Justice Department drop the charges, is there to basically protect investors from misleading business practices. When Vince didn't disclose that he used company funds to pay for his affairs, he not only misappropriated money, but also deceived investors. The reason being, it's possible that those that purchased stock might've not made that investment if they knew the owner of the company was accused on sexual misconduct. Furthermore, if the plan was for a merger to take place or at the very least a sale to a bigger conglomerate like Endeavors, there could've been the possibility of insider trading since it would theoretically be in a potential shareholders best interest to buy WWE stock before the sell to see a possible boost in the price after the launch of TKO on Wall Street. This is one of the many reasons that so much review and regulation takes place before a merger is approved since it's a way for the SEC to protect investors. 

In this scenario, it's possible that the shareholders that had WWE stock prior to the merger could've theoretically seen a bigger increase in the value of their stock if the organization was sold or merged with a different buyer. The Wrestling Observer's Dave Meltzer reporter that Liberty Media, a media company worth billions of dollars, was going to make an offer for the promotion, but wasn't given a chance to do so because the sale to Endeavor was done so quickly at the time. If the claim that the sale was planned ahead of time is true, it's possible that's why the deal was done without much notice. Obviously, the legal process will have to play out to see how far this actually goes, or if there will simply be a payoff to current stockholders, which will be peanuts in the grand scheme of things, but it would be interesting see if the TKO legal team can produce some type of evidence that other offers were at least taken as some type of defense or if Endeavor was the only buyer contacted.

On one hand, the argument can be made that the investors saw a return on their investment because their stock was converted to TKO stock when the merger was announced and the value increased based on the success of the media rights deals. On the other hand, how the merger played out in the relatively short term is irrelevant. The claims of the lawsuit are based on the notion that investors were mislead and that McMahon was not looking to serve the interest of shareholders if he had prearranged a sale to Endeavor. Keep in mind, the WWE merged with UFC just over two years ago, there's not something as established as the previously mentioned Apple track record for the TKO legal team to make a solidified defense that the sale to Endeavor was actually the best move for the organization. 

The lawsuit claim is based on if investors were mislead, not if a merger with the UFC increased the value of the corporation.

This is actually not the first time that WWE brass was sued and had to pay based on their deception of investors. The company paid $39 million in 2021 after a lawsuit was filed against them because of the media deals for Saudi Arabia not being finalized when the organization said it was a done deal. The result of this lawsuit, which has more moving parts and is a much bigger issue than a specific media deal, will probably be the same as the Saudi lawsuit. TKO will probably settle it for millions of dollars just to keep it out of court and chalk it up to the cost of doing business. That said, you have to wonder if any of these shady business practices will come back to bite the TKO suits? Truth be told, given Linda McMahon's role in the cabinet, and Dana White's friendship with the convicted felon, the TKO corporation is basically shielded from any true consequences as long as Trump is in office. Taking into account the amount of cash and media muscle that the corporation has behind it, it's a very stable conglomerate, but I wouldn't be shocked if their stock price and thus the overall value of the company takes a hit at some point if investors looks faith in the decision-making process.

Still, it's rather fascinating that an organization of this size can get away with something as underhanded as deceiving its investors and potentially manipulation of the stock price based on only being willing to sell to a specific buyer.

Wrestle Kingdom review

When it comes to the biggest event on the Japanese pro wrestling calendar, for the past two decades, it has been Wrestle Kingdom, New Japan's version of Wrestlemania that brings their signature card to the historic venue that has hosted some of the biggest matches, fights, and entertainment ventures in the history of Japan since it opened more than 35 years ago. It was the place where Buster Douglas shocked the world when he KO'ed Mike Tyson in his prime for a bout that had him as a 42-1 underdog. It was the building where Pride Fighting Championship debuted in 1997, kicking off a decade of MMA that shaped the direction of the sport around the world. The venue hosts a slew of baseball teams as well. It was where the legendary Jushin "Thunder" Liger retired six years ago, and it just hosted the stage for another iconic New Japan star to hang up his boots at this year's Tokyo Dome event.

Hiroshi Tanahashi, who announced last year that he was set to retire at Wrestle Kingdom in 2026, had his final bout of a legendary career that spanned more than a quarter century against an apropos opponent, Kazuchika Okada. To encapsulate the entire career of "The Ace" of New Japan in one article, DVD set, or book would be difficult, as the conclusion of his career strikes a cord that will echo throughout the Japanese pro wrestling scene on many different levels.

For somewhat of an apples to apples comparison since we just saw the retirement of John Cena a few weeks ago, you could say that Tanahashi was the Cena for New Japan. He was a truly beloved star that would take time to interact with the fans and took his responsibilities as the top guy seriously. Through even the rough patches of NJPW, including the change in ownership a few times and a downturn in business, Tanahashi was one of the tent poles that kept the Japanese league afloat. As we've discussed with Cena, he was a representative of the brand, you never saw him get a DUI or bring negative press on the company through anything scandalous, which is a small miracle in the social media age. In recognition of that, Tanahashi was named president of the organization a few years ago.

In some ways, Tanahashi is one of the last links, in terms of top stars, of the last generation of wrestlers that were under the direction of the late New Japan founder, Antonio Inoki, who sold a controlling interest to the THQ video game company in 2005 before he left the organization completely. As we know, before THQ went bankrupt, they sold the promotion to Bushiroad, which rescued the wrestling league, allowing it to have a surge in popularity thated last roughly six or seven years.

To truly understand the importance of Tanahashi, it's key to put the time period of his original run in NJPW in context. After the previously mentioned Pride Fighting Championship surged in popularity in the early-2000s, Inoki tried to pattern his pro wrestling group after it, leading to disastrous results. Some might try to look back on "Inokism" with rose-colored glasses, but make no mistake about it, the failed MMA experiment took New Japan to the brink of collapse. Tanahashi carried the company on his back through some very lean years and a significant degree of uncertainty during that era. After Bushiroad bought the company in 2012 and there was an influx of cash to be able to bring in more foreign talent, and the expansion of merchandise to generate more revenue, it was Tanahashi that passed the torch to Okada through their fantastic series of matches in the mid-2010s to propel a new star. Make no mistake about it, Okada wouldn't be where he is today without the initial rivalry that he had with Tanahashi.

That's why it was so fitting that Okada returned to New Japan for this retirement bout. There's no doubt that Tanahashi is a top-notch performer that checks all of the boxes of a main event wrestler. Everything he did was crisp and smooth. You simply aren't going to find a subpar Hiroshi Tanahashi match, specifically in the prime of his career. He was consistent quality in the ring throughout his legendary career, hence why he was trusted with the top spot for as long as he was. That being said, father time is undefeated and similar to so many that worked the Japanese style for years, the physical toll of his efforts in the ring has very clearly had its effect on him. Tanahashi has notoriously bad knees and hasn't moved well in the ring the past few years. However, it's a testament to his experience and ring smarts that he has been able to mostly work around his limited mobility more recently.

Proof of Tanahashi's massive impact on Japan is that for the first time in several years, Wrestle Kingdom was sold out, with more than 50,000 tickets sold about a week before the show was set to take place. During his heyday, Tanahashi was the in-ring worker, whereas Cena was entertainment based, which is fine, considering that they both drew money as the top star in their respective organizations. The common theme was that their retirement matches drew big numbers because the fans wanted to see their final bouts, the in-ring action or the result was secondary.

That being said, the success of this year's Tokyo Dome event was based on the Tanahashi retirement, which made business sense, but the narrative of the promotion itself is very much influx. There are peaks and valleys with everything, even the Attitude era came to an end. As mentioned, New Japan had several lucrative years after the group was purchased by Bushiroad, as the combination of foreign talent in The Bullet Club and native stars brought a surge of popularity for the promotion. The launch of AEW took a core group of talent away from the Japanese league and in the years since then Tony Khan has signed away almost every top NJPW star. That's not a criticism, that's capitalism, as New Japan simply can't compete with the amount of money a billionaire can offer talent on the roster. Still, it's a really difficult task for the New Japan office to attempt to replenish that amount of talent in a relatively short time.

Obviously, it's not a matter of just pushing talent up the card to fill the void when other main eventers left, as it depends on if that guy is in the right spot at the right time for the push to be successful. The pandemic didn't help matters, as the majority of the New Japan business model depends on live event tickets so it was a massive hit to their bottom line when events were canceled or held with very limited capacity for a few years. The argument could be made that the company still hasn't truly recovered from the impact of the pandemic. Don't get me wrong, the organization is stable because Bushiroad is behind it, but there was undeniably a downturn in business the past few years.

In theory, the audience for Tanahashi's retirement, including its broadcast on television, could provide a platform for the younger talent of New Japan to showcase themselves, but it remains to be seen how effective it was in the grand scheme of things. Shota Umino challenged Zack Sabre Jr. for the IWPG heavyweight championship last year, but didn't win it and his main event push was rather undistinguished. Yota Tsuji beat Konosuke Takeshita for the title, and seems to have a more realistic chance to take the top spot than Umino did, but with so many variables, it remains to be seen if Tsuji can be a legitimate draw on a consistent basis. Aaron Wolf, an Olympic gold medalist in Judo, made his debut for the organization, but despite the publicity and a decent under card, it's very clear that Wrestle Kingdom was a one-match show, the crowd was there to see Tanahashi's last match. The match itself was solid with a level of drama that built toward the finish. Given Okada's history with New Japan, I don't think it was a letdown that he beat Tanahashi, especially since the draw was the spectacle of the conclusion of the legendary career, not the result of the contest. The post-match ceremony with several former NJPW wrestlers and legends to watch Tanahashi's retirement bout was a very nice moment.

That's why you can't discount a sell out of the Tokyo Dome, moving 50,000 tickets for a show is undoubtedly a major success, but it's important to keep in mind that with the draw being based on the conclusion of a legendary career, there's still an amount of uncertainty around the future of the organization, as far as how much of an impact it will have on the entire industry.

What's the status of Smackdown?

With tomorrow night's Raw designed to be a major show to commentate the anniversary of the debut on Netflix with CM Punk vs. Bron Breakker for the World Heavyweight championship, the blue brand made a statement of its own on the first broadcast of 2026. Obviously, exclusive rosters are mostly ignored, as they probably should be, but it's less about the brand itself, and more about WWE's TV brand compared to the streaming brand. I understand that some have claimed the eventual death of traditional television, which I disagree with as it's still the most common form of media distribution. If for no other reason, while TV was downsized in recent years, cable news and professional sports leagues will remain the foundation for TV consumption in the future. Sure, the NFL and the NBA will have holiday games on certain streaming platforms because of the massive money offered, but the bulk of the schedule, including playoffs games will stay on television because that's how to maximize the audience and thus the major ad revenue.

Because of that, it can't be understated how important it is for the WWE to have a viable brand on traditional television as an avenue to draw in the next generation of fans. If you put everything behind a paywall, it will eventually chip away at the overall audience, with the UFC's ESPN deal being a prime example of that. Ironically, that's also why the pay-per-views being lowered to a $7.99 subscription has a chance to set up for another surge in popularity of the MMA league. There are a group of fans that haven't discovered the WWE product yet, and the only way to do that is to have content on television since they won't be willing to pay for content they aren't familiar with. I'm not talking about the new fans now, but the fans that discover the product a decade from now. Of course, that traditional TV avenue can be used to generate a following that could eventually be willing to pay for the content behind the paywall of Netflix and the ESPN app.

But, the importance of Smackdown to be the brand that the fans can follow without any extra subscriptions allows the company to attempt to draw the widest demographic possible.

That's why the newsworthy notes from Friday's edition can be an indication of not only what direction management looks to take Smackdown, but also the subtle differences that could make it stand out from the flagship brand.

Matt Cardona made a surprise return to the company about a month after he made a cameo as Zack Ryder in the John Cena tournament. From what was posted online by Triple H, it appears that Cardona is back with the company full-time. I wouldn't be too surprised if he still made an occasional TNA appearance, especially with the move to AMC in less than two weeks, but it appears that nearly six years after he was released from the company, Cardona is officially back on the roster. As I wrote about when he did the cameo as Zack Ryder, the case of Cardona is an intriguing one, as he was originally more or less intentionally thrown under the bus when he got himself over years ago, and was able to completely reinvent himself through a five-year run on the indies, most notably Game Changer Wrestling. That being said, I think it's fair to say that Cardona has done more or less everything that he can in GCW and seemed to hit somewhat of a ceiling in terms of progress in TNA, which might be because Anthem expected him to get a WWE contract offer.

As I said before, I think Cardona has shown his ability to connect with the audience and diversify himself through his podcast and Youtube videos. You have to wonder if he was given any assurances that he wasn't immediately going to be pigeon-holed back into the lower card Ryder spot? On one hand, the money might've been too good to decline, and there's nothing wrong with that, it's capitalism. On the other hand, he has worked for years to establish himself and surpass the level of Zack Ryder, which is why it was key that this comeback was done as Cardona so it won't make sense to hinder that progress if he ends up working four-minute squash matches by the end of the year.

It will be interesting to see how he is booked on Smackdown going forward, as he already proved both inside and outside of the WWE that he can get the fans invested in his journey. However, this might sound trivial, but it can also be one of the bigger reasons that Cardona is back under the WWE umbrella, he has been able to make big money from his own merchandise lines. The Major Wrestling Figure podcast has made a slew of action figures, including bendies and the Big Rubber Guys that Mattel also launched similar lines. The toy manufacturing giant wasn't going to let an independent line get the whole pie, especially when it was proven to be a successful venture so Mattel released the LJNs just in time for the holidays with mainstream distribution that an independent company can't get for their products. John Cena, Logan Paul, Hulk Hogan, and Dusty Rhodes were Target exclusive figures because Cardona's crew proved that there was a market for the 80s-inspired figures. It won't be too surprising if Cardona became one of the better merchandise sellers for the company.

The former TNA Knockouts champion, Jordynne Grace made an appearance on Smackdown and looks to be another addition to the full-time roster. I have to be honest, this isn't meant to doubt her skills, but rather as a reflection of the depth of the women's division, after a year in NXT, I'm not sure she's anywhere near the same level as the rest of the females on the main roster. The reason I say that is simple, she was a big finish in a smaller pond in TNA, specifically at the time that she was there in terms of perception of the organization, and there really hasn't been anything up until this point that would indicate that she could go step-for-step with someone like Charlotte, Bayley, Asuka, Iyo Sky, and others. I could be wrong, but I'm going to be skeptical of her chances of being able to stand out in the division until she proves otherwise.

Sami Zayn cut a very good promo and it might be something that the office can run with based on the impact it had before he was interrupted by Trick Williams, a former NXT and TNA champion that was called up to the main roster. Still, the impression I got was that this segment was designed to spotlight Trick, and unless there are plans for Zayn to challenge for the championship, maybe that was the right call. Williams seemed to be a guy that can do all of the moves so athletically, he checks the boxes. The question is, will he be able to learn the "glue" of the presentation on WWE television? I'm definitely not saying that he's going to flop, but rather to point out that it will be the key question going forward. Clearly, the office seems potential for Trick, as pairing him with Zayn, as it appears that they have with this segment, will give him an opponent that can make him look as good as possible on Smackdown. There was a reason that Zayn was the guy picked to work with Johnny Knoxville at Wrestlemania.

From a more general perspective, I have to ask, were these decisions made based on a plan for Cardona, Grace, and Trick or will this amount to nothing more than an artificial boost because management wanted something noteworthy for the first episode of the year?

An example of this was that United States champion, Carmelo Hayes worked a lengthy and solid bout against Johnny Gargano, a match that was probably given the amount of time it was because of the addition of a third hour to the show. Hayes is very athletic and seems to be working his way up the ranks after he won the US title since he was spotlighted as a star. But, it's important to keep in mind that he was brought to Smackdown last year and more or less floundered until recently.

Realistically, there's usually a specific time frame that the office has to showcase a talent before the audience loses faith in them. Once a talent gets typecast in a certain position, it's not impossible to change that perception, but it's not easy either. Assuming they didn't hire Cardona just to pay him to sit in catering, it would be rather easy to book him in an upper mid-card spot. He has a track record of success within the past few years so the office just has to follow the playbook. Grace is jumping into deep water so it will probably be relatively quickly that the crowd will see if she can sink or swim in the women's division. Trick has a lot of potential and seems to be off to a good start if he's going to work with Zayn. If I had to guess, I'd say that within the next few months, particularly if any of the three performers are scheduled for featured matches at Wrestlemania, it will be an indication if their tenure on Smackdown will be successful.

What's next for AEW?

Since I penned an article about the state of the union for the WWE, I thought it was also fair to do the same for All Elite Wrestling, the second-largest group in the United States, that just had their finale of 2025 on pay-per-view with the Worlds End event. I parsed details on that particular card in a column of its own so I won't rehash that here, but obviously, the results of the show will impact at least the early portion of 2026.

In many ways, writing this article might seem like a retread of the same concept that I wrote last year, as the strong points for the organization, as well as the weak spots, have remained the same for the past three or four years. That's as frustrating as it is disappointing, but specifically after the path that AEW took this year, I think that the pitfalls of the promotion are just a part of the package, which isn't meant to be a total knock on the product, but rather to point out that Tony Khan pays the bills so if it's what he wants to see then he's going to book it for his television show. It's one of the perks of the job, even if it goes against overall business sense.

The program is too all over the place without a structured pace, but for the agenda for 2026, I'd say that there must be more of a direct effort to educate the audience on some of the absolutely stellar foreign talent that show up on AEW television. There skills aren't in doubt, but without framing them in the proper context, it undersells the true potential and theoretically, the drawing power that they can bring to the table. As one of many examples, instead of Neon randomly popping up in a trios match for CMLL titles that most of the audience is clueless about at the start of a pay-per-view, simple video packages could be used to give these guys the proper introduction and thus the spotlight. At some point, the audience chalks it up to another random guy in a mask because nothing is explained and there's no consistency for exposure to establish these stars to the American audience.

The bottom line is, as I've written before, too often Tony Khan has The Wrestling Observer mindset that the crowd is as well-versed in the absolute most obscure and nuanced reference in the industry as he is. That's just not the case. If it was, one of the many smart mark groups that have catered to the internet fan base previously would've been able to truly make the jump to the national stage long before AEW existed. ECW was a niche, but had enough of a mainstream appeal to peel off a portion of the audience that watched the other big two at the time. Ring Of Honor was even more niche than that and survived nine years as an independently-owned promotion, with less of an overall impact on the business than ECW, before it was sold to Sinclair Broadcasting in 2011. Don't get me wrong, I'm not discounting the diehard style of professional wrestling that  has such a passionate following that sustains itself for years, but rather to point out that it's simply not enough of a market share to truly be successful on the national scene where AEW promotes itself. The Dynamite Kid, Brian Pillman, Hayabusa, Misawa, Kobashi, Minoru Suzuki, Dr. Tom Prichard, Chris Candido, and Brad Armstrong are just some of the names that deserve way more credit for their contributions to the business. Bret was right about Shawn in 1997. The Ultimate Warrior was a one-trick pony that was 99% media creation, and who knows if he actually made peace with those around him before he passed away? The problem is, Will Ospreay might be exponentially more talented in the ring than The Miz, but there's a reason that exponentially more people have heard of The Miz than Will Ospreay. A Wrestlemania main event, as underwhelming as it was, has a lot of cache among the causal fans.

That's not to say that there's only one correct way to produce and promote pro wrestling. We saw in the boom period of the late-90s that three different groups with three different philosophies drew money as national entities. At the same time, there was a reason that the territories before that were very lucrative on a smaller scale, as Mid-South was tailored to its area, but wouldn't have translated to the north east at the time. Maybe it's a moot point because money is no object to Tony, but if nothing else, he must at least attempt to cast a wider net as far as a product that is aimed toward more viewers to try to keep AEW from being pigeon-holed into a secondary position the way that TNA was for years under Dixie Carter.

Aside from diversifying and in some respects simplifying the product, I'd say that there has to be some tough decisions made with talent. The bottom line is, there's no reason to keep interchangeable wrestlers under contract, especially when it hinders their overall potential. One of the best examples of this is that Mike Santana was stuck in All Elite purgatory until he took a chance on himself and requested a release so he could pursue his options in TNA. Santana is arguably doing the best work of his career and is one of the top names in the organization. Frankie Kazarian is another example of someone who left AEW to try to rejuvenate his career in TNA. While I'm not sure if I would've booked Kazarian as the world champion at this point in his career, he's still a very solid talent. The bottom line is, if those guys weren't going to get the chance to do something of more importance in their careers if they would've been stuck in catering during Dynamite tapings. That's not a jab at Tony, but rather to explain that talent shifting around is a part of the industry, as it allows new opportunities for everyone involved. There are only so many featured spots on any roster so it makes sense for talent to test the waters elsewhere. The problem is, there are numerous names on the roster that are in the witness protection program that would probably be able to make bigger contributions to the industry as a whole in a different organization. With as slim as New Japan is on talent between the launch of AEW in 2019 and the pandemic that followed it, there's no reason that some of the talents that haven't been given anything of substance in All Elite couldn't make a splash in Japan.

In short, cutting talent is better for the organization from a payroll perspective, and will probably be better for the wrestlers in the long run. Along with that, as odd as this might've sounded a few years ago, I think it would be wise for Jon Moxley to either take an extremely long vacation completely away from the promotion or consider a return to WWE when his AEW contract expires. I say that because the Death Riders angle was so tedious and at some point, complete drek last year that as a character, Moxley needs to put as much distance between himself and the storyline as possible. The whole thing went on for the majority of the year and ultimately had no point or purpose behind it. The stain of the dissatisfaction from the angle is still upon Moxley, there's really no hype around his persona. The Jim Cornette notion of, "how can we miss you if you don't go away" sums up this situation. Moxley either needs to be away from television or work elsewhere, that's the amount of rejection was associated with the Death Riders storyline.

Finally, there should be a direct effort to differentiate who the top guys are. Too often during AEW programming, everyone is booked at a 50/50 rate, both in terms of perception and the matches themselves. Not everyone has to be a back and fourth epic Tokyo Dome classic. The matches should be structured in a way that truly showcase who the promotion wants to invest in as the top-tier guys that will be responsible for selling tickets and pay-per-views. That's not to say that we should go back to the squash matches of the 80s when it looked like the guy that works at the deli is in there to get pummeled by Brian Cage for a few minutes, but rather you can book competitive matches where there's still an objective to specifically shine a wrestler. 

If you try to get everyone over, nobody gets over. The main event scene was unsteady in the second half of 2025, but Tony should pick half a dozen wrestlers that he considers a priority. Those six performers should be booked in ways that spotlight them, and more importantly, they aren't put in any position to take away from the status that they are the future of the organization. Konosuke Takeshita, MJF, Kyle Fletcher, Will Ospreay, Swerve, and Kris Statlander should be a focus in 2026.