When AEW (All Elite Wrestling) burst onto the scene in 2019, it was heralded as the savior of professional wrestling—a much-needed alternative to WWE’s monopoly. With a blend of fresh young talent, indie darlings, and established veterans, AEW quickly became the darling of hardcore wrestling fans. Its success was fueled by innovative storytelling, jaw-dropping matches, and a genuine sense of rebellion against wrestling norms.
Yet, in the span of just five years, AEW’s luster seems to have dulled. Attendance numbers have dropped significantly, weekly television ratings are alarmingly low, and fan enthusiasm for the product has waned. The question everyone is asking is: What happened to AEW, and how can it course-correct before it’s too late?
The Initial Boom
AEW’s rise was meteoric. Driven by the vision of Tony Khan, a passionate wrestling fan with deep pockets, AEW built a roster that blended exciting homegrown talent like Darby Allin, Orange Cassidy, and The Young Bucks with proven stars like Chris Jericho, Jon Moxley, and Kenny Omega. The company delivered critically acclaimed pay-per-views, record-breaking attendance for All In at Wembley Stadium, and landmark TV deals with TNT and TBS.
Fans rallied behind AEW’s promise of creative freedom, its diverse roster, and its willingness to embrace professional wrestling as an art form. Cody Rhodes, one of AEW’s founding fathers, even declared, “We’re not an alternative—we’re a revolution.”
Cracks in the Foundation
However, as AEW grew, so did its challenges. Cody Rhodes’s departure in 2022, now viewed with hindsight, may have been the first warning sign. Did Cody see something behind the scenes that the rest of us missed? Was AEW expanding too quickly without the infrastructure or experience to manage such growth?
The cracks began to widen when backstage turmoil spilled into the public eye. CM Punk’s infamous media scrum at All Out 2022, and the subsequent fallout with The Elite, exposed a locker room that lacked discipline and a management structure ill-equipped to handle internal conflicts. Punk’s eventual departure in 2023 further cemented the perception that AEW was a chaotic workplace.
Worse still, numerous wrestlers—like Miro, Thunder Rosa, and most recently Rey Fénix—have raised concerns about AEW’s handling of talent injuries and medical care. CM Punk even revealed that he had to rely on WWE doctors for a tricep surgery during his time with AEW, highlighting significant gaps in the company’s support system for its athletes.
Dwindling Momentum
Despite boasting one of the most talented rosters in wrestling today—including MJF, Ricky Starks, Adam Copeland, and Kenny Omega—AEW has struggled to maintain its audience. Weekly TV ratings for Dynamite and Collision have declined sharply, and live events are being moved to smaller venues as attendance drops.
The issues aren’t limited to television and live events. AEW’s storytelling has also come under fire, with critics pointing out a lack of consistency and long-term planning. Fans have grown frustrated with underdeveloped feuds, unexplained absences of key stars, and the perception that Tony Khan, while a passionate fan, is in over his head when it comes to running a wrestling promotion.
The WWE Factor
While AEW struggles, WWE has thrived. Cody Rhodes’s triumphant return to WWE, CM Punk’s shocking debut at Survivor Series 2023, and the revitalization of NXT with former AEW stars like Shawn Spears and Ethan Page have given WWE undeniable momentum. WWE now looks like the destination for wrestlers seeking stability, creative opportunities, and professional growth.
AEW also faces a critical challenge heading into 2025: free agency. WWE’s roster includes potential targets like Sami Zayn, Kevin Owens, and AJ Styles—names that could have been game-changers for AEW a few years ago. To attract top-tier talent, AEW must address its structural and backstage issues immediately.
The Road to Redemption
AEW’s product is not without its strengths. Events like Blood & Guts and the ongoing Continental Classic showcase some of the best wrestling in the world. AEW’s roster remains stacked with world-class talent, from veterans like Sting and Christian Cage to rising stars like Ricky Starks and Julia Hart.
But talent alone won’t save AEW. Tony Khan must recognize the need for change. That includes:
- Establishing a Clear Management Structure: Khan cannot do it all himself. Bringing in experienced wrestling minds—perhaps someone like Shane McMahon—to help oversee the business and creative sides of AEW could provide much-needed stability.
- Improving Wrestler Relations: AEW must prioritize talent wellness, medical care, and transparency regarding creative and booking decisions.
- Refocusing on Storytelling: Wrestling fans want consistency and emotional investment. AEW must develop cohesive narratives that keep audiences engaged week-to-week.
A Cautionary Tale
AEW’s story is far from over, but its current trajectory is concerning. The wrestling world needs AEW—it needs competition, innovation, and an alternative to WWE’s monopoly. Yet, if AEW doesn’t address its internal problems, it risks becoming a cautionary tale of what happens when passion and ambition are not matched by structure and discipline.
Tony Khan still has the resources, the roster, and the goodwill of fans to turn things around. The question is: Will he listen before it’s too late?
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