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Tony having CM Punk bring out his copy of the AEW world title and spraypainting it with an X is 100% due to the fact that the Bucks/Omega have told Tony point blank that if they re-up, Punk can never show up on Dynamite and that the fact that Omega is demanding another title run as condition of his re-upping.
Plan right now is for Cole to turn on MJF and beat him for the world title at Wembly, then do a fingerpoke of doom scenario with Omega (which was originally the plan with Adam Page) where Cole (and Callis) will rejoin the Elite after Cole lays down and lets Kenny pin him ala Hogan/Nash and the infamous Fingerpoke of Doom match.
This will mean that the world title will be exclusive to Dynamite/the Elite and Punk/Collision will have to make do with Punk's old belt, which will have FTW Title status. There is talk that they will potentially give Punk a proper "X" themed World Title if fans don't immediately shit on the whole thing, but in general, this is Tony offering Punk a carrot by giving him a literal vanity belt while allowing Omega the real world title.
As part of this, MJF will be turned face at long last and his fate against Omega will depend on if MJF re-ups. IE if he stays with AEW, he MIGHT get the title back (and allow Tony to merge the belts) but not conclusive depending on how much pound of flesh-wise the Elite extract in their own contract renewal. But if he's WWE bound, MJF will be jobbed out to Omega.
