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It has been clear since the end of his feud with MJF that CM Punk has designs to challenge current World Champion Hangman Page. Since Revolution though, it has been clear that Hangman has unfinished business with former rival Adam Cole. Double or Nothing is coming up in May and I do believe that we could see Adam Cole get a rematch. For me Hangman Page needs to keep building his momentum and credibility as a household name. Page & Cole aside it was obvious at some point that CM Punk would make the move up the card and into the main event.
Now don't get me wrong Punk does deserve and has earned another chance to become World Champion one last time even if it is something where he wins at one PPV loses at the next. Punk deserves the chance to be World Champion one final time, as long as it isn't at the expense of Hangman Page. Punk wanted to end his career on his terms and not go out like he did seven years ago, but part of his run should be designed to elevate the future.
Every AEW World Champion thus far has held the title over 100 days with Kenny Omega holding the record setting reign at 346 days. A record setting reign for Adam Page will not make him a star if his wins are meaningless. Much like how WWE made Drew McIntyre a star, that's what AEW needs to do with Adam Page. Basically it matters how he is portrayed as champion just as much as he is booked once he drops the gold. Tony should be thinking of the best way to tell the next part of Page's story before the fans get tired of seeing Page as champion or all the money matches have been hit. All Out in September would be the ideal time for Punk to grab the gold, the reason being it would be the perfect way to tell the CM Punk story with now Hangman Page on the chase.
I do believe that Page should defeat CM Punk, but my answer differs a bit from the question as I believe it should happen after Punk defeats Page for the title. Full Gear and All Out could have the same main event with a little twist the second time but Hangman Page could become the first two time World Champion and CM Punk would have the chance to make Page a star as 2022 comes to a close. The future is bright for AEW with young stars ready to take the spots, but Punk doesn't have years to wait for his last run. Giving it to him sooner than later would be the best decision to get it done before the shine falls off.