Bully Ray Argues WWE Missed A Massive Opportunity With CM Punk On NXT

Following CM Punk's loss on NXT, wrestling veteran Bully Ray argued that putting the NXT Championship on Punk would have brought immense credibility to the brand.

The WWE Hall of Famer shared his candid assessment during an appearance on Busted Open After Dark.

Ray evaluated the high-stakes main event that saw Grayson Waller retain his title under controversial circumstances.

In Ray's view, WWE had a unique opportunity to fundamentally elevate its developmental brand by crowning Punk champion.

BULLY RAY WEIGHS IN

Ray explained that Punk occupies a rare position in professional wrestling where standard booking concerns simply do not apply.

"I think CM Punk is as teflon as teflon gets," Ray stated during his broadcast.

The veteran argued that Punk's standing is so secure that taking a pinfall in the center of the ring would never diminish his star power.

"I think CM Punk can do the job right in the middle and it wouldn't hurt him a bit, and it would do wonders for Grayson Waller," Ray explained.

Ray noted that such an outcome would have provided an enormous boost to both Waller and the championship itself.

However, the wrestling legend believed an even more lucrative direction was sitting right in front of WWE management.

"CM Punk defeating Grayson Waller might be an even better choice, because if CM Punk were to have the NXT Championship, think of what that would do for the NXT Championship. Think of the level of credibility," Ray argued.

Ray urged listeners to picture the wider cultural and media conversation that would immediately follow such a title change.

"Think about the world talking about CM Punk being the NXT Champion," Ray added.

A SHOCKING MAIN EVENT FINISH

The championship clash unfolded on the November 4 edition of NXT, broadcast live from the Performance Center in Orlando, Florida.

Waller entered the bout targeting Punk's neck early, executing a methodical offensive game plan to slow down the veteran.

Punk, who had not competed inside an NXT ring in over 16 years, battled back with signature offense in front of an enthusiastic crowd.

The challenger fought his way into control by launching a high-risk suicide dive to the arena floor.

Punk quickly followed the dive by returning to the ring to hit a crossbody from the top rope.

Momentum continued to swing as Punk connected with a Macho Man-style diving elbow drop, nearly scoring the three-count.

After executing a superplex from the turnbuckles, Punk signaled to the crowd that Waller was about to go to sleep.

Just as Punk prepared to deliver the Go to Sleep, Kevin Owens appeared from the crowd to create a sudden distraction.

Owens had snuck into the building after being expressly barred from the Performance Center earlier in the day by Shawn Michaels.

With Punk visibly distracted, Waller capitalized immediately by rolling up the challenger while grabbing a handful of tights.

The referee counted three, securing the victory for Waller and leaving Punk completely shell-shocked inside the ring.

WALLER CELEBRATES WHILE OWENS IGNITES RIVALRY

Waller wasted no time rubbing salt into the wounds of the former Undisputed WWE Champion following the bell.

The outspoken Australian superstar took to social media to taunt Punk in direct fashion.

Writing on X, Waller quoted Punk's iconic moniker by posting the phrase "Best In The World."

Waller's victory allowed him to escape Orlando with his title reign intact, while Punk was left processing a shocking defeat.

The interference by Owens set the stage for immediate retaliation on WWE's primary television programming.

Punk is scheduled to settle his simmering differences with Owens this Friday on WWE SmackDown.

Owens had previously shared video footage documenting Michaels asking him to leave the Performance Center prior to Punk's arrival.

By defying that directive, Owens not only altered the NXT title picture but also dragged Punk into personal warfare.

HOW THE TITLE MATCH WAS MADE

Punk's pursuit of the NXT Championship was months in the making prior to the showdown in Orlando.

The rivalry traces back to an NXT live event several months ago, where Punk had an unexpected run-in with Waller.

Tensions escalated drastically at NXT Halloween Havoc when Punk made a surprise appearance on the arena video board.

During that broadcast, the veteran declared himself the number one contender for Waller's championship.

The announcement generated immediate intrigue, particularly as rumors circulated regarding Punk's long-term future.

Reports suggested Punk could eventually be in line to take over NXT operations once his in-ring career concludes.

Heading into the title match, Punk also crossed paths backstage with developmental talent Shiloh Hill.

The two exchanged pleasantries and reached a verbal agreement to battle for the NXT Title once Punk defeated Waller.

Punk playfully asked Hill to promise not to use the mist when their eventual title match occurred.

Waller interrupted the interaction, dismissing Hill before sarcastically welcoming Punk to NXT and reminding him to wipe his feet.

A LOADED BROADCAST ON WEDNESDAY NIGHT

The November 4 episode carried massive significance for the brand due to an unusual broadcast schedule.

With national election coverage taking over The CW network airwaves, NXT was bumped back to Wednesday night.

The move marked the first time NXT had aired on a Wednesday evening in more than five years.

Lead commentator Vic Joseph repeatedly labeled the broadcast as the biggest NXT in history.

To maximize the occasion, WWE officials loaded the card with premier attractions alongside Punk's historic title challenge.

The show featured defenses of NXT's top two championships alongside the finals of the Dusty Rhodes Tag Team Classic.