It's Official: A New Era Has Begun In AEW

The subtext of the in-ring was equally rich. Page told incredible stories with the moves of his former friends, the most subtle of facial expressions, even his lower third chyrons. He told us the value of a support network and there being no shame in it. He reminded us that we might sometimes feel like the heel, even if we aren't.
He was the 21st century babyface.
In the end, Page triumphed over Omega, whose character had evolved into a grotesque (and hilarious) sports entertainment caricature to truly bring into focus that Page was the heart and soul of the pro wrestling promotion. The scope and the heft of all of this was exceptional.
This era of AEW is now formally over because the overarching story of Hangman Page proving himself to be Elite in All Elite Wrestling is now over. He chased, won, and has now lost the AEW World Title. AEW had the unprecedented luxury of telling a grandiose long-term story as its early USP. It was focused in a way that no promotion has ever been.
CM Punk is now the AEW World Champion, the first to win the belt having not appeared on the very first show. We are now in the "Whatever makes the most business sense at the time" era - a striking and perhaps even sobering departure from what AEW was once, even if what it is now is still amazing at the top of the card. There is no grand, overarching narrative around which so much orbits. Again, this isn't necessarily a bad thing, but it is different. It's impossible and nonsensical to carry AEW on under the original vision - why wouldn't Tony Khan sign a massive, difference-making star and strap him up? - but it's almost less impressive in scope.
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