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This is actually the long-con by Paul. He knows Cody fucking hates Phil, so he's been playing the game to keep Cody interested in WWE, dangling the titles and Roman just out of reach.
Just long enough for Phil to break out of his AEW contract and then come in to sweep the oppurtunity away from Cody.
The day it happens, Paul is gonna look Cody in the eye and just say "That's for mocking my throne, bitch"