CM Punk’s return to an NXT ring after more than 16 years didn’t end the way he wanted. The former WWE Champion had an opportunity to capture the NXT Championship from Grayson Waller, but Kevin Owens made sure that wasn’t going to happen.
During WWE NXT on November 4, 2026, Punk challenged Waller for the NXT Championship in the main event. The match came together after Punk issued a challenge following Waller’s controversial victory over Tony D’Angelo at Halloween Havoc.
The match was especially interesting considering Punk already has a No Holds Barred Match scheduled against Kevin Owens this Friday. Earlier in the day, Owens had reportedly been barred from entering the WWE Performance Center, but that restriction didn’t stop him from getting involved.
Punk and Waller went back and forth throughout the championship match, with Waller repeatedly targeting Punk’s ribs and neck. The champion also used some questionable tactics, including poking Punk in the eye behind the referee’s back.
Punk eventually fought back, connecting with a suicide dive, a flying crossbody, and an elbow drop from the top rope. Waller survived each attempt before Punk delivered a superplex that left both men struggling to recover.
As the match reached its closing moments, Punk prepared to deliver the Go to Sleep and potentially capture the NXT Championship. However, Kevin Owens suddenly appeared and distracted Punk at the worst possible moment.
Waller immediately took advantage of the distraction, catching Punk with a rollup and securing the three-count to retain his NXT Championship.
Owens quickly fled the scene after costing Punk the match, leaving his upcoming opponent visibly furious inside the ring. Meanwhile, Waller celebrated his victory, having successfully defended his championship against one of WWE’s biggest names.
The result means Punk’s first NXT match in more than 16 years ended in defeat, while Waller walked away with another successful title defense thanks to outside involvement.
With Punk and Owens scheduled to collide in a No Holds Barred Match this Friday, Owens’ actions on NXT have given Punk another reason to go after him.
What do you think about Kevin Owens costing CM Punk the NXT Championship? Should Punk get another opportunity against Grayson Waller, or should he focus on settling things with Owens first? Let us know your thoughts in the comments below.
