AEW isn’t the underdog against WWE

Who would have thought that I would have written three columns in one week and three mostly positive ones on AEW, at that? But I do have something to get off my chest here.

I’m so tired of the narrative pushed by AEW hardcore fans and supporters like Meltzer that AEW is this underdog and WWE is just a big bully trying to kill them.

The reality is, while AEW is only six years old, they’ve had plenty of opportunities in that time to grow and become a legitimate competitor to WWE. But due to Tony Khan and others’ inexperience in the wrestling business, they’ve made a lot of rookie mistakes that stalled their momentum. The biggest one? Not adapting to the current pro wrestling landscape and failing to understand what fans wanted when the product went cold.

You have to be willing to change and adapt in pro wrestling if you want to be successful—and especially if you want to stay in business. And before I get into why I don’t see AEW as the underdog their supporters claim they are, let’s go into a bit of a history lesson.

The Birth of the WWF as a National Promotion

We know that Vince McMahon bought the company from his father in 1982 with a plan to take it national. His father wasn’t thrilled about the idea, but he still sold it to Vince, under the condition that Vince had to pay the full amount within a certain time period or the company would revert back to Vince Sr. and his partners. Vince found the money, became the sole owner, and the WWE as we know it today was born.

Vince then began poaching talent from other territories. This marked the beginning of the end of the territory system. The biggest blow came in 1984 when Hulk Hogan jumped from the AWA to the WWF. Hogan was the hottest star in wrestling at the time, especially after his appearance in Rocky III. But Verne Gagne was stuck in his ways, constantly booking “dusty finishes” that made fans think Hogan had won the AWA title, only to reverse the decision.

So Hogan left and became the biggest star in wrestling, while the AWA began to fade. Had Verne adapted and given Hogan what he wanted, history might’ve played out very differently. WWE’s growth might have been slowed—especially since their backup plan was Dusty Rhodes. No offense to Dusty, a great performer, but he wouldn’t have worked as the face of the WWF at the time.

Then there was JCP. We all know about WWE counter-programming them a few times, but what’s less discussed is how Jim Crockett overspent and refused to adapt. Instead of tweaking his product for a national audience, he tried to sell traditional Southern wrestling to cities like Chicago and New York. The gates were weak, and one key example was Starrcade ’87. Despite it being JCP’s biggest show of the year, it was held in Chicago—a strong WWE town—and it suffered at the box office. Crockett hoped to make up for it in PPV buys, but WWE counter-programmed with Survivor Series, which cut into JCP’s audience.

Even if WWE hadn’t countered, I doubt Starrcade would’ve done great numbers outside of the South. Most of the card was full of wrestlers who weren’t known nationally. JCP continued trying to beat WWE but failed because they wouldn’t evolve, and Vince took full advantage.

The Monday Night Wars Era

After JCP was sold to Ted Turner and became WCW, wrestling dipped in popularity. WCW ran in the red for its first five years, and WWE wasn’t doing much better. The product was stale, and fan interest was declining. WCW made a big move by signing Hogan and positioning him as their centerpiece. Slowly, Hogan chipped away at WWE’s star power. WWE was suffering from bad press and began running smaller towns.

In 1995, Turner took a major gamble by launching Nitro head-to-head with Raw. For almost a year, the two shows traded wins. But in 1996, Eric Bischoff realized they had to evolve. He introduced the edgier NWO storyline, and WCW beat WWE in the ratings for 83 straight weeks.

Eventually, WWE adapted with the Attitude Era. That helped them reclaim dominance. WCW’s downfall came later, especially after the Time Warner/AOL merger, which gave executives a long-awaited excuse to pull the plug.

The Current Era

After WCW and ECW folded, WWE had no real competition until 2019. Yes, TNA tried in 2010 but got squashed fast—it almost killed the company.

From 2001 to 2019, WWE’s product declined. Fans grew tired of the same old routines and started craving an alternative. That’s when AEW arrived. Their first PPV in May 2019 was a shot in the arm for the industry. Jon Moxley debuted weeks after his WWE farewell, and Cody’s sledgehammer to the “HHH throne” sent a clear message. AEW had arrived.

Then came another major move: Dynamite premiered on Wednesdays, directly against NXT. WWE responded by moving NXT to the USA Network, and the Wednesday Night War began.

AEW mostly won the war, dominating NXT in ratings and even getting close to Raw in key demos. AEW was hot, and the buzz was real.

Post-pandemic, AEW brought in CM Punk, giving them their first true mainstream star. But that also marked the beginning of the decline. Tony Khan failed to recognize that his product was becoming stale. He put all his eggs in the Punk basket, which rubbed people—especially Meltzer loyalists—the wrong way. I won’t rehash the Punk-AEW mess, but we all know how that ended.

Tony’s leadership got exposed, and the product was laid bare. Without Punk, they were left with a cold product and a roster of guys who weren’t real draws. So what did Tony do? Did he adapt? Did he increase marketing? No. He stayed the course, assuming AEW’s name alone would draw fans. It didn’t.

Meanwhile, WWE—after being rocked by Vince’s scandals—had a major leadership change. Vince retired (then returned, then got pushed out), and the new regime started listening to fans. WWE’s product got hot again, and they gained fans AEW had lost.

Until last year, WWE mostly left AEW alone, focusing on improving their own product. But once AEW weakened, WWE began counter-programming them more aggressively.
AEW’s Missed Opportunities

AEW had all the tools to keep WWE at bay. But instead of evolving with the times, they coasted. They repeated mistakes from the past. They failed to capitalize on their momentum.

Conclusion

In the end, business isn’t about being fair. It’s about doing what it takes to succeed. If you expect to just do your thing on the side while your competition ignores you, you’re in the wrong business.

WWE gave AEW four and a half years to build momentum. AEW squandered that time, shooting themselves in the foot repeatedly. Now, WWE is doing what’s best for their business—booking shows on the same weekend as AEW. That’s business. And if the roles were reversed, Tony would’ve done the same thing.

So let’s stop with the narrative that AEW is this poor, bullied underdog. That’s just not true. AEW has just as much financial backing and access to marketing as WWE. But Tony Khan chooses to focus solely on in-ring work and signing indie favorites and WWE castoffs who aren’t moving the needle—instead of investing in real marketing and broader storytelling.

AEW is in this position because they put themselves there. WWE is simply capitalizing on AEW’s mistakes.