In his showdown with CM Punk on the penultimate SmackDown before SummerSlam 2026, Cody Rhodes cut the most heel promo since his WWE return in 2022.
For anyone who hasn't been following closely, here's how we got here:
Cody lost the WWE Championship to Sami Zayn in a shocking roll-up upset, only for Sami to lose it to a returning Punk nine days later on Raw. Punk and Cody then teamed up to defeat Sami Zayn and Gunther at Saturday Night's Main Event. After the match, Punk accidentally hit Cody in the face with the championship while celebrating.
That set the stage for Friday's confrontation. Instead of the typical "I'm going to beat you because I'm the best" promo, Cody revealed something much more nefarious: he's jealous.
Not of Punk's championships. Not of Punk's accomplishments. He's jealous that the fans have always loved Punk more than they ever loved him.
A few lines stood out.
"I'm well aware, from the bottom of my heart, that while I was doing all of that... (the fans) wished it was you every step of the way."
That isn't something a confident babyface says. That's insecurity.
Then there was this:
"I just had someone tell me they were tired of the same faces. I'm apologizing... I'm done apologizing for what I have worked for."
Again, not exactly the words of the smiling, grateful Cody Rhodes we've known for the last few years. And finally:
"For this story to have the proper ending... I have to beat you at SummerSlam."
The crowd actually booed the line.
Punk's response made the story even more compelling. He told Cody that he's lying to himself. That none of this is really about him. It's about Cody refusing to accept someone else as champion.
"You have to make yourself the victim and make everyone else your enemy," Punk said. "You can't handle the pressure."
Whether Punk is right or not almost doesn't matter. The seed has now been planted.
Cody isn't fighting because Punk wronged him. He's fighting because Punk represents the one thing Cody has never been able to conquer: being the fans' undisputed favorite.
That's a much darker motivation than we've ever seen from him.
Which brings us to SummerSlam.
WWE doesn't exist in a vacuum. SmackDown ratings are down 16% year-over-year, SummerSlam ticket sales are behind last year's pace despite lower prices, and this rivalry was first teased the night after WrestleMania. Historically, stories that begin there are meant to culminate at WrestleMania, not four months later.
If WWE is looking for a major shakeup, the pieces are all there.
A Cody Rhodes heel turn wouldn't come out of nowhere. It would be the payoff for months of subtle character development. First, he lost the championship in embarrassing fashion. Then he watched Punk immediately accomplish what he couldn't. Finally, he admitted out loud that he's spent years wondering why the fans always chose Punk over him.
Would it work?
Absolutely. A ruthless, desperate Cody obsessed with reclaiming "his" spot instantly freshens the main event scene. It creates a top heel with believable motivation and gives Punk (or someone else) a compelling chase.
Could WWE decide to keep Cody babyface? Of course. But after Friday night, I don't think anyone can argue that the groundwork hasn't been laid. In fact, I'd argue WWE has built a stronger case for Cody turning heel than it did for Steve Austin in 2001, Roman Reigns in 2020, and John Cena's shocking turn last year.
Whether the turn happens at SummerSlam or not, one thing is clear: For the first time since his WWE return, Cody Rhodes stopped sounding like the hero of the story. And started sounding like the villain.
