Why WWE Hasn’t Turned Cody Rhodes Heel Yet, According to Bully Ray

Cody Rhodes’ loss of the Undisputed WWE Championship has reignited debate about whether WWE should eventually flip “The American Nightmare” to the dark side, especially with crowd reactions becoming more mixed in recent weeks. While some fans view the interference-filled defeat as the start of a heel pivot, Bully Ray believes the conversation is getting ahead of itself. Speaking on Busted Open Radio, the WWE Hall of Famer framed the situation less as a creative question and more as a business calculation rooted in timing, value, and replacement power.

According to Ray, a Rhodes heel turn only makes sense once WWE has completely exhausted his upside as the company’s top babyface and has a clear successor ready to inherit that role. “The time to turn Cody Rhodes heel is when you’ve milked every ounce of babyface dollar and cents out of him, and when it makes sense for him to turn heel in the story,” Ray explained, pointing to past examples where beloved stars either thrived or faltered after switching alignment. He emphasized that Rhodes is currently too valuable as a merchandise-driving, crowd-connecting hero to discard without a comparable alternative waiting in the wings. Without another babyface who can match Rhodes’ drawing power, Ray sees no realistic path for WWE to pull the trigger on a heel turn anytime soon.