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The obvious problem is that Tony has new toy syndrome and keeps needing new bells and whistles to pop ratings, so MJF, having been there for years and being a rookie with no name recognition outside of the AEW fans already, is having a harder time competing against all those bells and whistles Tony has been hiring.
Honestly, though, Tony needs to eat shit on this one. He needs to have MJF defend the belt and keep being in segments that have ratings go down, because that is how you establish people. You have the rest of the people getting some amount of people in, and let them see MJF and get used to him as a champion.
If MJF gets immediately kwabbed because Tony can't STAND watching the ratings dip, then he's kicking the can down the road. He's delaying the problem and continuing to get himself in these kinds of situations. The MJF thing could even end in failure, but it's better to risk it and have it fail than give up on it and then have to start all over again. Tony needs to, for once in his life, actually prove he can establish new stars. I don't care how rich he is, a company can't eternally rely on an endless barrage of yummy debuts.