While TKO is a public company driven by quarterly earnings and shareholder value that needs to focus on immediate profit-maximization, Tony Khan runs his sports teams (the Jacksonville Jaguars and the Fulham Football Club) as private entities- he would have been able to prioritize long-term coordination between AEW and WWE. Rather than dissolving WWE into AEW, Khan would likely have operated them as separate brands under a single umbrella, WWE remaining a global touring entity, while AEW continues as an alternative.
For the first time in the history of both brands, there would be an exchange of talent between the two. WWE Superstars like Randy Orton could appear on AEW Dynamite for one-off matches, and AEW stars Kenny Omega and Will Ospreay would be able to perform at WrestleMania.
We could have seen matches between AEW and WWE talent that were previously not possible, through a cross-brand pay-per-view event:
Kenny Omega vs. CM Punk
Gunther vs. Chris Jericho
Will Ospreay vs. Randy Orton
Cody Rhodes vs. Adam Copeland
Christian Cage vs. Roman Reigns
MJF vs. The Miz
Brock Lesnar vs. Claudio Castagnoli
Rey Mysterio vs. Jon Moxley
Kazuchika Okada vs. Seth Rollins
Johnny TV vs. Sami Zayn
Drew McIntyre vs. Samoa Joe
Rhea Ripley vs. Mercedes Moné
Adam Page vs. Shinsuke Nakamura
Hikaru Shida vs. IYO SKY
The competition between AEW and WWE for talent, TV deals, and fans would be over, with a dominance similar to WWE's in the post-WCW era in 2001, and the ripple effects would be felt globally. Small promotions would have become developmental feeders, while ROH and NXT likely would have been merged into a single, global scouting system. Without being able to play AEW and WWE against each other for bigger contracts, talent would have lost some leverage in salary negotiations, although they would be pleased with the AEW-style travel schedule, which has roughly 68% fewer events than WWE's. In addition, AEW has a flexible contract model that potentially would allow WWE Superstars to appear in many other promotions.
While many of WWE’s corporate staff would probably be retained for their logistical expertise, the company's booking strategy would likely change, with in-ring work and athleticism becoming prioritized, showcasing a diverse range of wrestling styles, from high-flying artistry to demonstrations of technical skills. This would create a stronger emphasis on showcasing the individual journeys and in-ring capabilities of its wrestlers. More attention being put on in-ring work and showcasing a variety of wrestling styles would make WWE more appealing to die-hard wrestling fans.
The most significant shift would have happened at the negotiation table. Tony Khan would have unified the libraries of WWE, AEW, WCW, ECW, the AWA, World Class Championship Wrestling, and the GWF- the majority of US professional wrestling history would be under one owner, creating an unparalleled content library that would represent the largest repository of wrestling content in existence. He would have licensed the library to partners while maintaining ROH/AEW content on a smaller proprietary platform, eventually consolidating them after existing contracts expired. Later, a deal to make HBO Max the home for the entire historical library while airing current AEW/WWE shows could be negotiated.
With WWE's booking strategy likely changing, casual wrestling fans who prefer a highly polished and entertaining product that prioritizes spectacle and mainstream appeal would possibly be dissatisfied with AEW's booking strategy. This would have created a massive gap in the market for a new, WWE-style promotion to form, competing against the now-combined Tony Khan-owned entity.
For this reason, it may be for the best that Tony Khan's bid for WWE was not successful. While fans and talent alike would celebrate new possibilities and the end of political barriers, there would be less competition and one less promotion to cater to the different tastes and preferences of wrestling fans. Plus, for a wrestling company, thriving in a competitive market is often better than having less competition, as it forces innovation, improves product quality, and forces companies to think of ways to utilize talent better and refine their storytelling. While less competition reduces immediate pressure, having a healthy, competitive landscape -where multiple companies exist and succeed- is better for the overall health of the industry.
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