WWE Hall of Famer pinpoints two main reasons why AEW is struggling

AEW's year hasn't gone according to plan, despite Tony Khan signing multiple high-level wrestlers to the promotion in the opening months. The company is currently contending with declining viewership, attendance and overall interest. AEW has also pivoted to incorporate more storytelling and stronger narratives, which had consistently been a contention point with the promotion's offering.

Former WWE tag team champion and Hall of Famer Bully Ray believes AEW's decline is easy to understand. During a recent episode of "Busted Open Radio," he pointed to the losses of CM Punk and Cody Rhodes as the turning point for Khan's company.

"There is not one metric in AEW that is heading north," Ray said. "They're heading south. One of the biggest hits that AEW took was ... (CM) Punk leaving. I believe the two biggest factors in AEW right now are the departure of Cody Rhodes and the departure of CM Punk, tied in with a lot of the other issues the company is having."

Rhodes is currently the biggest babyface in wrestling. He's the WWE Universal Champion. He headlined Wrestlemania this year and has won back-to-back Royal Rumbles, making him the first wrestler to do so since Stone Cold Steve Austin. While Punk continues to be one of the hottest names in the industry and is currently embroiled in a fascinating storyline with Drew McIntrye.

Losing two of the biggest names in the wrestling world has undoubtedly hindered the continued growth of AEW. The fashion of Punk's departure certainly left a stain on the company's reputation, too. The fact that both stars went to WWE has further hurt AEW as a significant portion of those wrestlers' fanbases likely made the switch with them.

Nevertheless, AEW isn't down and out. Instead, it has a unique opportunity to reposition itself as a brand that creates its own stars. MJF is proof that it's possible, and Will Ospreay has gone from strength to strength since joining the company in February.

Khan's company exploded onto the scene back in 2019. Eventually, that bubble was going to burst. Now, AEW must accept a slower method of growth, but one that can position the company for a long and bright future. However, it must first weather the current storm. Only then can it begin making moves for the coming years.