AEW: What went wrong and what the company did right from a non-fan point of view

This week was a really active one here in the opinions section of this site. It actually reopened old feuds and wounds among some contributors, particularly those with extreme opinions about AEW. While engaging with TKW, I had the idea of writing an AEW column from the perspective of a non-fan of the promotion.

In this article, I’ll focus primarily on the last few years of AEW—what went wrong and what the company did right.

The Downfall of AEW: Cody’s Departure

Let’s start with what I believe triggered AEW’s downfall: Cody Rhodes leaving the company and jumping ship to WWE a few months later.

In my humble opinion, Cody was the gatekeeper of AEW. He wasn’t afraid to challenge Tony Khan, call out bad ideas, or think outside the box to attract new fans. For a while, his approach worked, and casual fans tuned in to AEW. However, creative differences led to Cody’s departure. When he returned to WWE, he became one of the biggest stars in the industry.

At the time, AEW’s saving grace was signing CM Punk. While AEW had lost its heart and soul with Cody’s exit, Punk’s drawing power seemed poised to elevate the company to the next level. Initially, it worked. Tony Khan capitalized on Punk’s popularity but overexposed him. Punk got banged up, suffered two injuries, and was involved in the infamous All Out brawl. This incident exposed internal dysfunction within AEW and severely hurt their momentum.

Although Tony suspended everyone involved, the consequences were minimal. Punk was already sidelined with injuries, and The Elite returned after a short, paid break to reclaim the Trios Titles. This showed Tony was out of his depth and lacked the tools to handle such crises. A seasoned professional could have navigated this situation more effectively.

Punk’s Return and AEW’s Continued Struggles

Eight months later, Punk returned. Reportedly, he didn’t want to come back and was seeking a way out of AEW. He begrudgingly performed his job while being tasked with backstage responsibilities outside his role, leading to the Jack Perry incident at All In. Again, Tony Khan appeared ill-equipped to manage the fallout. Ultimately, Punk got his wish and was released.

The problem was how Tony handled the announcement—firing Punk in front of his hometown Chicago crowd. In one fell swoop, he alienated one of AEW’s biggest markets and handed WWE one of wrestling’s biggest draws.

Since Punk’s departure, AEW’s ratings and ticket sales have declined. By 2025, AEW resorted to taping Dynamite and Collision in smaller venues—a pragmatic but overdue decision that highlighted their struggles to fill WWE-sized arenas.

What Went Wrong?

AEW’s loss of momentum boils down to Tony Khan’s leadership as head of creative. While AEW delivers a product some fans enjoy, it has grown stale compared to WWE and TNA (now Impact Wrestling), which continually reinvent their brands. Tony’s inability to adapt and inject fresh ideas has stagnated AEW.

Tony needs to step back from creative and delegate that responsibility to someone capable of innovation. He should focus on AEW’s business side, where he has excelled. For instance, his media rights deal with Warner Bros. Discovery deserves credit, even if WBD’s instability played a role.
Losing What Made AEW Unique

AEW’s early success stemmed from its young, vibrant roster and its focus on homegrown talent. Five years later, the company has filled its roster with ex-WWE talent, many of whom overshadow younger stars. This shift undermines AEW’s original ethos and hasn’t moved the needle with fans.

Each new signing from WWE fails to recapture the magic of AEW’s Punk era, exposing Tony’s mistaken belief that big names alone could restore their momentum.

The Path Forward

AEW has a solid product for a niche audience but must evolve to regain broader appeal. Both WWE and TNA have found ways to reinvent themselves and grow. AEW, by contrast, is losing fans.

The solution isn’t for Tony to abandon AEW entirely but to relinquish control of creative. Bringing in a fresh perspective could revitalize the product and make AEW exciting again.

AEW might be profitable, though they don’t release financial data, but revenue means little if fans stop attending events or tuning in. Tony must recognize that booking isn’t his expertise and return to being the “money man” behind the scenes. Without a course correction, AEW risks losing more of its audience to WWE or TNA.