Bully Ray isn’t holding back when it comes to AEW’s struggles. The WWE Hall of Famer believes the company’s problems can be traced back to one moment—Cody Rhodes walking out the door.
Speaking on Busted Open Radio, Bully Ray said AEW’s downturn started the moment Cody left in early 2022.
“Cody [Rhodes] leaving AEW was a major, major blow to that company,” he stated. “Cody leaving AEW is what started the downward trend. Go back and look at any number, any metric, any talk on social media. Cody is the first crack in the wall.”
Rhodes was one of the key figures in AEW’s launch, helping to build the company alongside Tony Khan, The Young Bucks, and Kenny Omega. But when he left for WWE and made his shocking return at WrestleMania 38, everything changed. Since then, AEW has faced declining viewership, backstage drama, and major departures—including CM Punk’s controversial exit.
Bully Ray also criticized Tony Khan’s leadership, saying the AEW President needs to take a page from Vince McMahon’s playbook. “Vince has programmed himself to not take things personally,” he noted, implying that Khan’s emotional reactions may be hurting AEW’s stability.
While Bully Ray also weighed in on Kevin Owens vs. Sami Zayn’s upcoming Unsanctioned Match at Elimination Chamber, the biggest takeaway was his blunt assessment of AEW’s struggles. With WWE growing stronger and AEW facing internal and external challenges, some fans are left wondering—did Cody Rhodes see the writing on the wall before anyone else?
Do you agree that Cody leaving AEW started the company’s decline, or was it just one piece of the puzzle? Please share your thoughts and feedback in the comment section below.