The Cody Rhodes Story Was Perfect...Then WWE Kept Writing It

Some of the greatest stories ever told are built on a bedrock of truth and struggle. That was the foundation upon which Cody Rhodes wrote his story when he returned to WWE in 2022 at WrestleMania 38.

It was the culmination of a journey that began in 2016 with The American Nightmare betting on himself and walking out of the company he had worked for since 2006 starting at the age of 21.

In his time away, he helped found All Elite Wrestling as well as working for New Japan Pro-Wrestling, Ring of Honor, TNA and more.

His time in AEW in particular allowed him to redefine himself in front of a television audience, creating his American Nightmare persona that he brought back wholesale to WWE.

It would take two years from his return match that Rhodes would complete his goal: Winning the WWE Championship for the first time by ending Roman Reigns' record-breaking world title reign.

It was the greatest story of WWE's modern era, weaving into and further elevating The Bloodline into a memorable climax.

This should have been the beginning of a new era for the company where The American Nightmare stood as the top man with a new creative head behind him in Triple H.

Instead, it has all fallen apart in a year-and-a-half, leading to a creative downturn in WWE that can be especially felt near the end of 2025.

How did we get here? How did Rhodes finishing his story lead to the end of the promotion's hottest era in decades?

Cody Rhodes famously defined his journey as "finishing his story," but what is the story he is seeking to finish?

The foundation of that began long before Rhodes was born. It all begins in 1967.

Dusty Rhodes told The Steve Austin Show that after being cut from the AFL's Boston Patriots, he saw an advertisement for Big Time Wrestling in Boston and decided to drive over to get a job.

He had no wrestling experience but took advantage of real-life friendships with Bobby Duncum and The Funk Brothers to get a chance to wrestle.

He was a football player weighing over 210 pounds, but he did not have the obvious star power of his highly regarded peers.

This was to Dusty's benefit. He became the working man trying to get his due and take care of his family. This image launched him to the top of the business, winning the NWA World Heavyweight Championship for the first time in 1979.

He was known best for his time in NWA and Jim Crockett Promotions, which would become WCW, where he was both a top star and booker.

He found success everywhere he worked except WWE, which was during his time either the WWWF or WWF.

Personal issues with owner Vince McMahon, primarily driven by his success working for other promotions, pushed Rhodes out of working with WWE.

While Dusty and Vince would eventually learn to work together, including Dusty taking over the WWE Performance Center in his later years, he never won gold in WWE.

While Dusty Rhodes never won WWE gold, his two sons did. Dustin Rhodes, best known in WWE as Goldust, was a three-time intercontinental champion, three-time tag team champion and seven-time hardcore champion.

It was a legacy to be proud of, but it never came under the name Rhodes. Dustin did great work as Goldust, a unique character that was originally conceived as more of a joke than a serious competitor.

Moreover, despite his immense talent, Dustin never won the world championship in WWE or WCW and was unable to quite reach the heights of his all-time great father.

This left Cody with a significant chip on his shoulder when he debuted in 2007, after a year in WWE's developmental Ohio Valley Wrestling.

He was wrestling with the Rhodes name and seeking to reach the highest level in professional wrestling.

WWE did not see him the same way. Whether this was due to a lack of faith in The American Nightmare or bad blood still simmering with Dusty, McMahon only went as far as two Intercontinental Championships and three tag title runs for Cody.

It got even more frustrating for The American Nightmare when he was given similar treatment to his brother and asked to forgo his last name and wrestle as Stardust.

Not so intentionally, both gimmicks given to the two brothers were named after their father, who was none too pleased with either moniker.

After struggling for years to reach an impossible dream, Cody left WWE on the advice of his father. Dustin was not far behind.

Up to this point, Cody Rhodes was a nepo baby looking to make it big, but by standing up to WWE and believing in himself, he became so much more relatable.

Who hasn't wanted to walk out on their job, no matter how inconvenient it might be? Who hasn't wanted to believe in themselves and accomplish the dreams their current role will not allow?

Cody was not hesitant in declaring he was betting on himself. Before his non-compete was up, The American Nightmare famously posted "The List" on Twitter/X.

This list included named such as Adam Cole, Kurt Angle and The Young Bucks, promising to work with some of the best in the business outside WWE.

Even Cody could not have imagined how far he would reach, particularly after linking up with The Bullet Club.

He won his first world title, the ROH World Championship. He made a bet to Dave Meltzer on Twitter that he and the Bucks could sell more than 10,000 seats and did just that with the 2018 event All In.

Moreover, alongside The Young Bucks and Kenny Omega, Cody went to Tony Khan and floated the idea of creating a brand-new company: All Elite Wrestling.

While The American Nightmare's journey was not all highs in AEW, there is no doubt he was a central figure in creating the closest to competition to WWE since WCW closed down.

That company also became Dustin Rhodes' home for what looks to be the rest of his career and delivered one of AEW's greatest match one-on-one with his brother at Double or Nothing in 2019.

He clearly made an impression because WWE reached out to Cody as his first AEW contract neared its end with an offer The American Nightmare could not refuse.

Cody Rhodes returned to WWE at WrestleMania 38. He walked away from the company he helped create to return to the one that had let his family down in the past.

The American Nightmare did not wait long to explain his choice in a post-match interview from WM.

He was back to do what no one else in his family had: He had returned to be the man in WWE.

In this way, he found a connection with the fans. Cody was trying to live up to his father's legacy and belief in him.

Even by returning to WWE, he was still sticking up for himself, betting he had done enough to be finally seen as someone who could carry the torch.

Over the next year, The American Nightmare began his rise up the card. He defeated Seth Rollins three times, but he tore his pectoral muscle while training and was out through the rest of 2022.

He returned in time to win the 2023 men's Royal Rumble match and earn a shot at Roman Reigns' Undisputed WWE Universal Championship.

In the build to WrestleMania 39, the audience fully embraced Cody, who become the first Rhodes to main-event The Show of Shows.

Even though he lost, The American Nightmare solidified himself as one of WWE's top performers. Fans rallied around him, hoping his time would come soon.

After losing to Reigns at WrestleMania 39, Cody Rhodes waited his turn. He feuded with and defeated Brock Lesnar and then turned his focus back to the world championship.

He joined Hulk Hogan, Shawn Michaels and "Stone Cold" Steve Austin as the rare star to win back-to-back Royal Rumbles.

He made clear he wanted to fight Reigns again, and even with The Rock teasing an alternative path, The American Nightmare stuck to his goals.

His popularity turned a returning Rock heel and set up WrestleMania 40 to be all about The American Nightmare's ultimate dream: Winning the Undisputed WWE Championship for himself and his family legacy.

The Final Boss represented the corporate interest, keeping Cody from finishing his story, even defeating The American Nightmare on Night 1 of WrestleMania 40.

However, all of those Cody had come to respect stepped up to help him, allowing The American Nightmare to end the longest modern world title reign and capture the title his father coveted.

By betting on himself, Cody had achieved his dream. He stuck to his guns all the way to the end and proved he was his father's son, not just by blood but also by legacy.

Fans cheered when 'Mania 40 ended with the locker room pouring out to celebrate the triumphant champion, including Triple H and Bruce Pritchard who would be the faces behind his creative journey to come.

From that point on, Cody Rhodes was the ace of the company. His matches would mostly headline WWE's premium live event slate for the next year.

This should have been a time when WWE Creative had the best stories possible for the first-time champion.

Instead, he defeated AJ Styles in a good match mostly carried by a hot crowd in France. He faced Logan Paul in a solid but forgettable title defense followed by a second defense against The Phenomenal One that was also unmemorable.

It was leading to The American Nightmare's first true feud appearing in the form of Solo Sikoa, the man who took over The Bloodline in Reigns' absence.

Unfortunately, Sikoa was not the man to play Cody's top heel challenger. He could not back up his booking in the ring or on the mic, leading to a flat pair of title defenses.

Kevin Owens was up after that, first as a reluctantly appointed challenger but eventually as a vengeful heel who did not appreciate Rhodes choosing to work with Reigns in his fight with Sikoa and the new Bloodline.

This was The American Nightmare's strongest story to date, but it was held back by two problems.

First, no one believed KO was going to dethrone Cody despite challenging three times. Second, CM Punk vs. Drew McIntyre overshadowed everything in WWE.

Cody vs. KO was never truly the focus of the product due to better stories and stronger matches happening elsewhere on the card.

Luckily, WrestleMania season was on the horizon, and so was the return of John Cena. The plan was to pit Cody against Cena for the 41st iteration of the event, delivering a dream match of past and present faces of the company.

Then WWE made one more fatal mistake: It turned The GOAT heel in his retirement year.

At first, it was a shocking revelation that had everyone talking. Cena had aligned with The Rock and was going to get ruthless.

The reality was far less interesting. The veteran was merely there to decry the fans' mean chants of the past while cheating his way to every win.

That cheating began at WrestleMania 41 where Cody and Cena delivered one of the worst main event matches on The Grandest Stage of Them All in the modern era.

The American Nightmare then disappeared for a while. He would come back, though, and win King of the Ring to earn his rematch.

By that point, Cena's heel turn had lost the fans, and WWE decided the only answer was to hastily retcon it all so Rhodes and Cena could have face vs. face battle at SummerSlam.

It was a much better match that allowed The GOAT to pass the torch to The American Nightmare, who regained his championship and reclaimed his spot atop WWE.

Everything went wrong.

The Cody Rhodes story was complete, and it did not feel like anyone had a strong new book to open in following up.

It ultimately felt like a year wasted between WrestleMania 40 and 41, and because the John Cena heel turn landed so poorly, more time was wasted up to the present day.

The American Nightmare is the established man, but he is aimless. Cena easily overshadowed Cody, even while delivering some of his worst work in years trying to sell a half-hearted heel gimmick.

No one is strongly established as the man who will challenge Cody next, assuming Drew McIntyre continues down the same path as Kevin Owens, losing a second time in his bid for a title few believe he will win.

Wrestling is driven primarily by a simple dynamic of face vs. heel. The heroes must overcome many struggles to topple the villains at the end of the day.

Fans invest in that struggle, embracing the one who must keep finding a way to get back up.

Once the hero is the champion, though, the story can quickly lose steam, especially in the modern era.

Fans have shorter attention spans and demand more immediate satisfaction. One bad story can be forgiven, but months of uninteresting booking can lead to a backlash.

Cody Rhodes needed a new struggle. Instead, he was the indomitable champion, beating up on men who had never been at the same peak as himself.

AJ Styles and Kevin Owens have been world champions, but they were never truly the face of the brand. It had also been a long time since they held the gold. Fans want to root for them in that situation.

Logan Paul and Solo Sikoa were young stars not yet ready for that peak spot, and it showed. The latter especially felt like he was out of place despite taking up months challenging Cody.

None of these competitors fit what WWE wanted to say with Rhodes' first world title reign. Brock Lesnar would have been a better fit, but The American Nightmare had fought him the year before.

Meanwhile, CM Punk and Drew McIntyre were delivering one of the best stories of this modern era, showing what WWE could be doing with its ace.

It was inevitable that fans would embrace the familiar nostalgia of John Cena, even when he was heel, over rooting for Rhodes to get right back to a title he defended in boring fashion for a year before.

WWE needed to do more with Cody after losing his gold instead of still coasting off the 'Mania moment that made The American Nightmare.

Cody Rhodes is still the babyface champion, riding high off defeating John Cena, and Drew McIntyre is an exciting challenger on paper.

However, the best outcome at this moment would be to crown The Scottish Warrior, much as it felt like the correct path last year was to give it to Kevin Owens.

WWE does not seem to value television and PLEs outside the Big Four events these days, though, so it feels unlikely Cody will lose.

Fans should not be anticipating a top face's loss, though. This should be the time to solidify why they invested in his story in the first place.

Cody is no longer the man reaching for the impossible dream. He is the stalwart company man in the way of other stars standing in the spotlight.

It is imperative WWE finds a way to return to the drama and excitement that first made him a star.

He needs to struggle again and feel doubt about how far he can go, wondering if he can make his father proud.

As Dusty articulated in his most famous promo, "hard times" are what make a man great, and it is "hard times" that all people share.

Fans don't relate to a company man defending his gold for the company. They relate to an every-man who knows what it means to be down and keep working all the same.

WWE is in a great place financially. It is pulling in record profits month after month. Fans are showing up in droves to see the product, selling out all over the world.

Yet financial success has never equaled creative success. Stories are not engaging for how much money they make.

The goal is to create something that will be discussed for decades to come.

Dusty Rhodes may never have won the WWE Championship, but his struggle as the every-man to become a household name made him a legend in the company as well as the promotions he led.

Dustin Rhodes may never win a world championship, but his work as Goldust, a character no one else could have played, should grant him a place in WWE's Hall of Fame.

Cody Rhodes has already done enough to solidify himself as a WWE great, but he just turned 40 years old. He has many years left to create stories.

If nothing he does from this point forth can ever match or exceed WrestleMania 40, that would feel like the ultimate waste of what that moment was supposed to be.

The American Nightmare needs great stories again, and it's time for Triple H and Co. to step up and deliver one.