Bully Ray Points To AEW Departure As Catalyst To Promotion's 'Downward Trend'

Although AEW co-owner Tony Khan signed a massive new media rights deal last year, ensuring the company is financially stable for the immediate future, there is a perception among many wrestling pundits and fans that the promotion has been in a creative slump. Speaking on "Busted Open Radio," Bully Ray shared his assessment of when things began to go wrong for AEW.

"Cody [Rhodes] leaving AEW was a major, major blow to that company," Bully said. "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."

Bully went on to point out that Rhodes was an instrumental figure for the company, both in the locker room as well as from a business perspective. He also suggested that Khan "took it personally" when Rhodes left, and when Ricky Starks later went to visit Rhodes backstage at the 2023 WWE Royal Rumble. While noting that it's a natural response for a person to have, Bully stated that Khan needs to develop thicker skin like Vince McMahon.

"Vince has programmed himself to not take things personally," Bully continued.

After helping get AEW off the ground as an Executive Vice President, Rhodes left AEW in early 2023 and made his return to WWE at the Royal Rumble. He has since become the Undisputed WWE Champion, a title that he has held for over 315 days and counting.

As for AEW, though public opinion on the promotion is currently mixed and live attendance has fallen, both of its flagship TV shows began being simulcast on traditional TV as well as streaming platform Max last month. Their first United States stadium show is planned for later this year, with AEW All In taking place in Texas on July 12, 2025.

If you use any of the quotes in this article, please credit "Busted Open Radio" with a h/t to Wrestling Inc. for the transcription.