I find the existing dichotomy within World Wrestling Entertainment utterly fascinating.
The TKO/WWE executive branch would tell you their business continues to boom. WWE's revenue increased 22% year over year, and TKO's overall revenue increased 26%. They'd also tell you they are at the forefront of modern pop culture, with Monday Night RAW airing exclusively on Netflix and "Premium" Live Events on ESPN. They are especially bragadocious whenever celebrities, from streamers to hip-hop stars to professional athletes, become involved in their programming. Attendance for some of their shows may be down, yet it's hardly a cause for concern. They have made one thing abundantly clear: they are still raking in the cash with no end in sight.
Yet...
The company has largely failed to attract stars via free agency, such as Will Ospreay or Kazuchika Okada, and the ones they've lured away from their competition, All Elite Wrestling, continue to be a bit of a mixed bag. They dedicated numerous hours of television to a slew of retirement tours that ultimately left their dedicated fanbase feeling disappointed, including butchering the last run of their biggest star of this generation. Chief Content Officer Paul Levesque has rapidly declined in popularity, as his creative vision is pedestrian at best. The "Premium" Live Events on ESPN have been anything but premium, as their broadcasts are inundated with ads from their small army of corporate sponsors, and their weekly TV - including NXT - is often more hit than miss, at least judging from the online reception from fans and critics alike.
While WWE is slowly but surely transitioning out of its latest "Boom" period, it remains an imposing powerhouse doing everything it can to remain part of the mainstream discourse. On the surface, there should be no concern about the company's immediate future; that said, something is starting to feel off.
TKO reported revenue of $1.597 BILLION in Q1 of 2026, with WWE solely responsible for $475.7 million of that revenue, yet it continues to slash money off its books by targeting the very people responsible for its success: its own talent. This is typically viewed as the cost of doing business, and a golden opportunity for WWE's next generation of stars to be featured across their various shows. There's just one problem: that core does not exist. It's not as if WWE has a group of young talent who can seamlessly replace its veterans, yet TKO doesn't seem to care. They have a very specific goal: shed as much money off the books as possible, and put it directly into their own pockets.
TKO has reportedly approached talent about restructuring their existing deals, with some being asked to accept pay cuts as high as 50%, in addition to consistently releasing a wide spectrum of talent. Former WWE stars Kofi Kingston, Xavier Woods, and Sheamus were thought to be WWE lifers, yet all three were deemed replaceable by TKO decision-makers after rejecting their "restructuring" proposals. Aleister Black, who emerged as one of the biggest malcontents in AEW's locker room, was brought back and quickly released (along with his wife, Zelina Vega). Remember Jeff Cobb Mateo? He didn't even last a year under their employment.
The particular departures of Kingston, Woods, and Sheamus feel far more significant than their coverage dictates. Ardent WWE defenders have dismissed these departures as simply a cost of doing business, and let's be honest: it's reasonable to move away from a trio of wrestlers making significant dollars who are in (or near) their 40s+.
But those three clearly have more in the tank, particularly Woods and Kingston. Kairi Sane is one of the better women wrestlers in the world, yet wasn't spared from TKO's greed. The Motor City Machine Guns, one of the greatest tag teams of our generation, were treated as afterthoughts before they received their releases from WWE. These aren't just veteran wrestlers, but highly respected and effective wrestlers that any roster would be lucky to have, even considering their ages.
There's an increasing chance that Bayley - one of their rare NXT-to-main roster success stories - could join this list come October. Hell, there's an increasing chance of anyone on their roster not being deemed a "tippity top star" joining this list. It's made me wonder: what is TKO's endgame, and how will this affect the professional wrestling industry within the next decade?
I think TKO is developing a very specific strategy: spend significant dollars to retain their tippity top stars like Roman Reigns and CM Punk, while filling out the rest of the roster on the dirt cheap. This could plausibly lead to a scenario where TKO intentionally floods the market with talent, knowing their options will become increasingly limited.
First and foremost: AEW is not a rehabilitation promotion for former WWE talent, at least not any longer. Tony Khan has assembled one of the greatest rosters of our lifetimes, yet there are a slew of talent who struggle to secure consistent TV time. Austin Creed and Kofi are expected to debut imminently, and I'd be genuinely surprised if Sheamus doesn't have a short run, at the very least. We're hearing the rumors about Bayley, too, plus The Motor City Machine Guns and Kairi Hojo are still for the taking.
But what about the rest? It's difficult to envision a scenario where Khan brings in the Wyatt Sicks or considers another marriage with Black. TNA, which has been part of a "partnership" with WWE, is losing talent left and right, which calls into question its financial appetite for even moderately-priced contracts. Worse, it appears a number of talent have departed the promotion with bitter feelings - and all of this coming after their highly-touted AMC deal.
And heaven forbid TNA finds itself promoting talent who are over with their audience, because WWE will try and likely succeed in stealing them away. Mike Santana just debuted on NXT television, Joe Hendry is about to face fucking Danhausen at SummerSlam of all shows, and no one seemingly knows of Jordynne Grace's whereabouts.
Ring of Honor has yet to secure a TV deal, and who knows if it ever will again. MLW is growing, but likely not in the position to become a viable third promotion any time soon (and the same can be said for MLP). The independent circuit is a shell of its former self, a far cry from the golden era of the 2010s.
TKO/WWE are currently setting up a match between Logan Paul and Tom Brady - yes, that Tom Brady. They held Saturday Night's Main Event at Madison Square Garden that involved NBA Finals MVP - and New York Knicks icon - Jalen Brunson. Jelly Roll and Pat McAfee were integral parts of WrestleMania, as were celebrities like Travis Banks, iShowSpeed, and Lil Yachty.
The company is also very bullish on AI integration, and one WWE source speculated the company is interested in obtaining the "AI Rights" to its talent from the past, present, and future. They painted a picture where the company promotes AI bouts between legends who are either long dead or unable to perform, and it's honestly not too difficult to envision this becoming a reality.
One point of discourse has been WWE's formatting of PLEs, specifically the number of matches featured on their cards (usually 5). What if TKO envisions a future where their PLEs are main evented with headliners like Reigns and Punk, but the rest of the card is a mix of AI bouts, skits, celebrity matches, and/or young or desperate wrestlers willing to work on the cheap?
One thing is certain: TKO has not treated WWE talent - active and retired - with much respect. They do not view Levesque in the same light as WWE fans, for instance, and merely approaching 20-year veterans with pay cuts should be viewed as insulting. I don't think they care one iota about WWE's legacy, and we're starting to feel their influence more and more.
WWE has always touted itself as being above professional wrestling. They "evolved" into a Sports Entertainment juggernaut that scoffed at pro wrestling's more typical tropes. They ignored criticisms about the lack of actual wrestling in their programming and basked in the glory of being "storytellers."
It would be immensely funny if TKO, the combat sports powerhouse in the United States, fundamentally changed the existence of WWE. Here's hoping we get the last laugh.
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