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He'll be the one to beat the winner of Roman v Brock for the title.
They're not going to send him down to 24/7 comedy skits and wrestling on Main Event until his contract runs out and he's crawling back to Tony Khan to take him back. If they want to entice the likes of MJF, Wardlow, and others to make the jump to WWE, they need to show the grass is greener on the other side.
He'll go down to the midcard and be wearing polka-dots eventually, but only after they poach other names from AEW and they no longer have a use for Cody.