WWE released over two dozen wrestlers last month and the event was so huge that news continue to emerge on how things played out both in the public eye and behind-the-scenes.
Fightful Select has a new story on the releases, confirming that WWE was tasked with cutting "millions" in payroll which is what led to the mass exits. The development drew heavy criticism within the industry as wrestlers were let go almost exactly when TKO revealed the significant pay packages that its executives earned while the share price remains at near record highs. Some talent were reportedly asked to take paycuts in the "seven figures" and while many conceded that the cuts are a reality of WWE's business, a pay cut that significant in the context above was not a good look.
The releases have also damaged the confidence of a lot of talent and look at the latest round of cuts as a sign that any lucrative long-term contracts they sign with WWE aren't guaranteed to last through the life of the deals. Many believe this is going to lead to significant changes with how talent (and/or their agents) negotiate contracts with WWE/TKO moving forward.
Fightful Select also reported that many wrestlers were approached about taking pay cuts while WWE was touring overseas recently, some of them well in advance of when they assumed negotiations would begin. One rumor floating around backstage was that WWE timed the asks while the roster was overseas so that their agents and reps would have little or no time to review it with them, however, it was noted that this was strictly opinions of those who spoke on the subject.
On the day of the releases, WWE approached numerous wrestlers and asked them to take pay cuts in order to remain with the company with some being given only two days to make that decision. Of course, we know that the New Day scoffed at the cut and were subsequently released.
The report also mentions that another point of frustration amongst talent is that some of those who were released had just signed new contracts within the last year and there were individuals who didn't even engage with AEW, deciding to stay loyal to WWE. Now with WWE cutting them loose, the feeling is that it greatly reduces their leverage compared to when they were free agents or approaching free agency the first time. It also was a head scratcher of a decision in that competitively speaking, AEW is now able to offer less money to free agents due to having more leverage.
WWE privately acknowledged New Day's contributions to the company and a joint statement was expected to be released publicly, but for whatever reason that never ended up happening.
