AEW hasn't recovered from losing Cody Rhodes

When AEW burst onto the scene, it offered a fresh alternative to WWE's PG-rated programming. The wrestling scene had been dominated by one company for far too long. Tony Khan constructed an exciting roster full of elite talent, including Kenny Omega and Cody Rhodes. 

Rhodes quickly became one of AEW's biggest stars. However, in February 2022, he decided to leave AEW and return to WWE. He has since become the face of WWE and emerged as the biggest name in the industry.

According to WWE Hall of Famer Bully Ray, Rhodes leaving AEW was a turning point for Khan's company, one it has yet to recover from.

"Cody [Rhodes] leaving AEW was a major, major blow to that company," Ray said, via "Busted Open Radio." "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."

Rhodes wasn't a global superstar during his time at AEW. However, he was one of the company's biggest draws and a key part of Khan's vision for the company. Losing him to AEW's biggest rival and then watching him become a superstar were tough blows to handle. 

AEW's numbers, both in terms of live attendance and television viewership, have been in steady decline ever since. Of course, losing CM Punk was also a hammer blow that cannot be overlooked.

Over the past 12 months, Khan has added fresh talent to the roster. Will Ospreay has the potential to become the leading star for AEW. Nevertheless, he isn't Rhodes and doesn't have the draw or the cache that his WWE counterpart provides. 

Every company loses top talent at some point, regardless of the industry. What matters is how the company pivots and develops new talent in-house. Sooner or later, AEW must produce a top-level star who can attract news fans. Until that happens, Rhodes' departure will continue to be considered a possible death blow to AEW's chances of long-term growth.