5 reasons why AEW owner Tony Khan can't afford to lose CM Punk at any cost

CM Punk has not been seen on AEW TV since the All Out 2022 media scrum. After regaining the AEW World Championship, he unleashed an incredible tirade on The Elite, Tony Khan, and Colt Cabana, among others, during the presser. This allegedly led to a backstage brawl that caused all parties involved to be suspended, including the Chicago native.

Punk also suffered a triceps injury during his championship bout with Jon Moxley and is set to be out for at least six months. But will AEW President Tony Khan welcome the star back to the company after everything has transpired?

There's recently been talk of a rumored contract buyout that points toward a potential CM Punk exit. But truth be told, this could spell disaster for Tony Khan and AEW, with WWE seemingly waiting in the wings. Here are five reasons why the Jacksonville-based promotion cannot afford to lose CM Punk at any cost.

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#5. Losing CM Punk affects AEW's business for the foreseeable future

When CM Punk debuted in AEW at Rampage: First Dance in 2021, he was the biggest free agent in wrestling. Punk's connection with the fans seemed unbreakable despite being away from the business for over seven years.

Wrestling audiences still chanted for CM Punk to return, no matter how unlikely it seemed. So when The Voice of the Voiceless finally entered the wrestling ring once again, it was a cathartic moment for fans in attendance.

CM Punk has been integral to AEW's growth by all business metrics. He is an instantly recognizable household name who has pulled in casual fans. Losing him could cause a drop in interest among casual fans who tune in to Dynamite to see the 44-year-old. Hence, It is in Tony Khan's best interest to resolve the situation and bring back his mainstream star sooner rather than later.

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#4. Losing CM Punk exposes a potential locker room split

When AEW first started, there was a running joke that it stood for 'All Friends Wrestling,' given the camaraderie between the wrestlers with The Elite on top. However, CM Punk's run in AEW has exposed a potentially fractured locker room.

As reports continue to emerge in the aftermath of the backstage brawl, the latest news involving CM Punk and veteran wrestler Chris Jericho is especially telling. The Ocho apparently confronted the Chicago native after the scuffle and got involved in a furious exchange.

Fightful Select has learned that Jericho called him a 'cancer' in the AEW locker room and had a toxic influence on the wrestlers. Sources close to those involved confirmed that the two men indeed had an altercation that night. There are further reports that the locker room is now said to have become 'Anti-Punk' and has no interest in working with him again.

It will be interesting to see how the likes of FTR, Darby Allin, Wardlow, and Powerhouse Hobbs, who have publicly praised Punk in the past, feel about his recent transgressions.

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#3. Wrestlers might hesitate to join AEW

There's no denying that AEW's reputation has taken quite a hit in recent months. From Cody Rhodes' departure and the Punk-Elite drama to altercations between Sammy Guevara and Andrade, it has been a tumultuous year for Tony Khan.

These controversies might cause potential hires to steer away from AEW and avoid all the possible drama.

WWE Superstar Karrion Kross, who recently re-signed with the company, revealed that he had discussions with AEW before his talks with Triple H. In an interview with the Mirror, the former NXT Champion said:

"There was there was an idea that was proposed to me to come and do something there [at AEW]. But it was just so abundantly clear to me from dealing with fans face to face, that a WWE return was what people wanted to see," said Kross. [H/T Mirror]

With Triple H in charge of WWE Creative, the company feels like a more appealing destination. The shine of being a brand-new wrestling alternative is long gone for AEW. Hence, Tony Khan's handling of the CM Punk situation could further hurt the promotion if there's no resolution soon.

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#2. Losing CM Punk hurts Tony Khan's reputation as a boss

WWE legend Jim Cornette recently criticized the AEW boss for his leadership skills. Speaking on the Jim Cornette Experience, he noted:

"The one good thing that has happened to this company over the last year, they get a major star. He produces ratings, he produces gates, he produces good television, he produces good matches, and Tony Khan cannot keep his f***ing nursery school from f***ing this g** d**n deal and p**sing off his star," said the veteran. [0:37 to 1:01]

Cornette also took shots at The Elite, warning Khan that bringing them back over Punk would be a terrible idea:

"And now, instead of telling [The Elite] ‘hey, why don’t you all go back and play with your f***ing school girlfriends in Japan because I need real talent because I’m in a promotional war and my ship is taking on water?’ Now he’s going to talk about—to [CM] Punk about a buyout. Does that mean he’s going to bring the other three back? Or will he buy Punk out and just fire the other three for putting him in this position to spend probably a few million dollars at minimum to never have his biggest star on his television again?" [1:02 to 1:48]

Tony Khan seemingly needs to step up and enforce the law to win back trust among the AEW faithful. Bringing CM Punk back might not be a good look in the short term, but Khan needs to see the veteran's value to the company.

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#1. Tony Khan could lose his biggest box office draw to WWE

Let's be clear; CM Punk is a box office draw for AEW. His signing over a year ago led to some of the best business the company has done in its short history. Not only did his appearances boost AEW's TV ratings, but he also brought back a lapsed wrestling fanbase who had been clamoring for his return.

AEW Double or Nothing 2022, where CM Punk became AEW World Champion for the first time, saw the promotion draw a million-dollar gate. All Elite Wrestling also recorded growth in all areas, from merchandise to pay-per-view buy rates.

CM Punk and AEW have allegedly not agreed on his contract buyout since Triple H could be interested in bringing the former WWE Champion back into the fold.

Speaking on the Keepin' It 100 podcast, Konnan noted that The Voice of the Voiceless' potential WWE return could be a blow to AEW's business:

"If they were to bring CM Punk in it would be a major major cool, right? And it's a way to WWE and Punk to tell AEW 'f*** you', okay? But from what we are hearing, he has a no compete, so that's not gonna happen. You can tell, he [Tony Khan] is not gonna be embarrassed like that, you know what I'm saying? He's not gonna let him go and without that no compete being enforced."

Triple H and CM Punk's real-life animosity has reportedly 'softened a bit' amid the multi-time world champion's return rumors. But Tony Khan has to do everything he can to ensure this doesn't become a reality.