Is CM Punk’s beef with AEW the implosion of a company, or the greatest storyline in a decade?

It was a jam-packed weekend in the world of professional wrestling with WWE and AEW holding three pay-per-view shows combined, but all anybody is talking about is CM Punk. More specifically what Punk said in the AEW All Out post-show press conference in the wee hours of Monday morning.

It goes without saying that this is NSFW if you haven’t seen Punk’s two minute, profanity-laden rant.

There’s so much to unpack here and this relates to a lot of real-world drama between Punk, former friend Scott Colton (in-ring name Colt Cabana), as well as “The Elite,” who are largely the braintrust of AEW made up of Kenny Omega, The Young Bucks, and to a lesser extent Hangman Adam Page. Here’s the Cliff’s Notes on what Punk is referring to if you got lost by what he’s saying.

If that feels exhausting, it’s because it is. Also, it’s really absolutely none of our business. This is personal and workplace drama which shouldn’t be the concern of fans — but it became that way due to media reports, and Punk deciding to burn everyone in his orbit during the press conference on Monday morning. Still, we’re all involved now. Anyone who is invested in professional wrestling, and even those who aren’t, are fascinated to see what happens next. Especially considering there are reports that Punk’s press conference rant caused so much ire that it led to a backstage brawl.

“According to multiple sources that lined up with some of Fightful’s reporting, there was a fight backstage afterward with Punk allegedly starting things by swinging fists at the Bucks’ Matt Jackson. Punk trainer/friend and AEW producer Steel (part of the storyline that got Punk into Sunday’s Jon Moxley match) threw a chair that hit the Bucks’ Nick Jackson in the eye and blackened it. Steel (Chris Guy) allegedly bit Omega and grabbed his hair.”

This is wrestling’s equivalent of Will Smith slapping Chris Rock. It’s the defining story not just of the weekend, but the entire year — but, what if most of it is fake? Nobody is doubting that this began with backstage friction, but for it to progress to this point is so far fetched, and fans are so caught up in in the moment, that if you step back for a second it’s really pretty illogical. It’s for this reason we can’t rule out that this might a work, an angle, designed to generate money and interest.

We know that the next few months for AEW are pivotal to the future growth of the company. Their original TV contract is coming up for renewal, and while Dynamite is doing solid ratings, it hasn’t reached the stratosphere many expected when the company signed the likes of CM Punk and Bryan Danielson.

Throughout wrestling history there has been a constant: The most money, and highest ratings come when fiction and reality are blurred. This was the driving force of the “Monday Night Wars” in the mid-to-late 90s, when on a weekly basis we had WCW fans convinced the invasion of the nWo was an existential threat to the company, while WWF fans watched Stone Cold Steve Austin brawl with his boss.

The internet has vastly changed professional wrestling over the last 25 years. It’s impossible for something like the nWo to work today, because fans understand how contracts work. Similarly there isn’t the suspension of disbelief to buy into Stone Cold Steve Austin fighting Vince McMahon based on goons beating him up on a weekly basis.

However, this also presents an opportunity. Being a wrestling fan no longer means tuning in for 2-3 hours a week, but following every story in between. Which wrestlers want their release, who is beefing with who, and which talents want more money. There is an inherent desire to be an insider, and know not just what’s being shown on TV, but everything happening behind the scenes as well.

Tony Khan knows this. Hell, All Out closed with a real-world angle being turned into a fictitious one, where disgruntled talent MJF returned with the aide of audio alleging to be a voicemail from Khan to MJF, offering him a huge cash payment to come back after months of absence from TV.

It’s absolutely in the realm of possibility that AEW is playing the hits. The MJF drama was hugely influential online, with everyone and their brother wondering if the young star would leave AEW and bolt for WWE. Punk’s press conference made fans forget they got worked for months, aided by wrestling media who assured fans this was a very real falling out, only to see MJF return — which was likely always the plan.

What better way to boost ratings over the next three months ahead of a TV renewal than selling the world on the idea that Punk and the vice presidents of the company hate each other and are coming to blows backstage? Who isn’t going to tune in on Wednesday to see what happens and what’s said? We love pettiness, and faux-reality. It’s why people watch The Bachelor, Real Housewives of [insert city here] and Big Brother. The beating heart of professional wrestling is making money, and manufacturing drama is good for business.

Make no mistake, there is no doubt this started with some very real angst — but from that point it behooves Khan, Punk, Omega, The Bucks, and Page to all sell the idea that this beef is still simmering. It means more money for everyone.

It’s CM Punk.

I could probably just end that statement there and wrestling fans would know what I mean. This is a man with a history having strong opinions about the wrestling industry, and giving zero shits about who he offends by speaking his truth. Punk also isn’t above calling out people publicly and breaking the fourth wall, as he did with his famous “pipebomb” promo in 2011, when he sat on the stage of Monday Night Raw to pull back the curtain on his hatred for Vince McMahon, Triple H, and Stephanie McMahon.

Furthermore, invoking Scott Colton’s name and airing their dirty laundry isn’t something he’s done in the past. Colton isn’t involved in any of this drama, so mentioning him just to drag him doesn’t make sense if this is about making money.

There is a very real chance this is a case of Punk being the AEW world champion, being in a position of power and influence because he does drive ratings, and invoking his influence to force Tony Khan’s hand and get his way.

Honestly, nobody outside of those involved know for sure. Hell, it wouldn’t surprise me if most of the AEW talent don’t know either. This is a company that has hidden signings and debuts from their own wrestlers to keep a surprise, and the veracity of this drama (if it’s a fake storyline) is far too important for it to leak out.

If we step back from the emotion and look at this logically, then more signs point to this being fake, that it being legitimate anarchy. The use of MJF’s real-world drama as an angle, and using wrestling media as a tool to sell their story is all in the immediate DNA of AEW. They now have a perfect three month storyline that will boost ratings, all at a pivotal time where the company needs to put up big numbers for their TV renewal.

There is a chasm between coworkers yelling at each other, and throwing chairs and biting each other — regardless of the egos involved. These are all professionals who have been in the business for decades, who have very thick skin. Regardless of what happens next, AEW has created the can’t-miss buzz for Dynamite on Wednesday, and it’s enough to likely attract die-hard WWE fans wanting to see the competition implode, and non-wrestling fans who are fascinated by the drama.

This will either be the greatest storyline wrestling has seen in 10 years, or we’re seeing the train fly off the rails at a pivotal moment. Only a few people know what happens next.