Cody Rhodes Admits Leaving AEW for WWE Was “The Biggest Gamble of All”

Cody Rhodes didn’t just help build AEW—he was AEW in many ways. As one of the company’s founding Executive Vice Presidents, Cody was front and center during its launch in 2019 and became one of its most visible faces. But in 2022, Rhodes shocked the wrestling world by walking away from the company he helped create and returning to WWE.

Speaking with The Undertaker on Six Feet Under, Rhodes opened up about the gravity of that decision—and how risky it really was to leave AEW behind.

“I had a good gig. Contrary to what you hear, I had a good gig. I had an executive job. I loved the Bullet Club guys,” Cody said, pushing back on any narrative that he was unhappy in AEW. “Evolving and moving myself forward, it was a lot to weigh out.”

Rhodes wasn’t just wrestling in AEW—he was starring on major TV shows like Go Big Show and Rhodes to the Top under WarnerMedia. But despite all of that, he took the risk to walk away.

“Obviously, opportunity is amazing, but I had to weigh it out. ‘Is this a mistake? They didn’t see it the first time. They saw a little, but they didn’t see it.’ You think the first time leaving was the biggest mistake ever. Coming back, my fear was, ‘this could be the biggest gamble of all.’”

Rhodes explained that failing in WWE wouldn’t damage the company—but it would have crushed him personally and professionally.

“Had I gone and belly flopped in the pool, it wouldn’t have hurt WWE at all. It would have been, ‘See, he wasn’t. He was little league all along.’”

AEW gave Cody the freedom to reshape himself into the “American Nightmare,” and it’s that version of him WWE embraced when he returned at WrestleMania 38. Still, walking away from an executive role, creative control, and a growing company like AEW took more than just confidence—it took guts. Cody Rhodes gambled on himself by leaving AEW. So far, the bet has paid off—but the risk was real.