Cody Rhodes is the undisputed top star on Friday Night SmackDown right now. The American Nightmare briefly dropped the WWE Championship to Drew McIntyre at the turn of the year, only to reclaim the gold before embarking upon a turbulent WrestleMania season opposite former mentor Randy Orton.

With Pat McAfee — for some bizarre reason — on side, online betting sites made the Viper a massive favorite to dethrone Rhodes and embark upon his 15th world championship reign. Indeed, the popular Lucky Rebel platform positioned the challenger as a -230 favorite to claim the gold in Las Vegas, with a successful Rhodes retention out at +160. But surprisingly, he did indeed retain, and the American Nightmare has since defended his strap again by controversially beating Gunther at the recent Clash in Italy event.

With WWE firmly on the road to SummerSlam, the company’s second biggest show of the year behind WrestleMania, fans are once again beginning to get on Cody’s back, roundly booing the man that WWE brass has positioned as the ultimate hero. Some of those naysayers would like to see the champion drop the title as quickly as possible. But if that is to happen, to whom should he lose the title? Let’s take a look.

He is the undisputed #WWE champion–but Cody Rhodes (+160) is the underdog in his #WrestleMania Night 1 main event vs. Randy Orton.

Check the props, including who hits their signature move first. Cody Cutter (-125)

Live odds 👇https://t.co/G8HQVoHGM3 pic.twitter.com/P6wKWdu4wl

— Lucky Rebel (@LuckyRebel__) April 18, 2026

Gunther

Much like Orton was the favorite to beat Cody at WrestleMania, Gunther was also the front-runner to pick up the W and the title in his recent championship encounter with the champ. The Ring General has enjoyed a stellar half year or so, beating legends Goldberg, John Cena, and AJ Styles into retirement, before then knocking off Seth Rollins in a stellar match on the Grandest Stage of Them All. Many expected his recent tear to culminate in winning championship gold in Italy, but instead, it was Cody who successfully defended the title, getting a pinfall victory despite the fact that Gunther’s foot was on the bottom rope, which should have broken the count.

Gunther hasn’t taken the defeat well. On the episode of SmackDown following that loss, his first in nine months, Gunther proceeded to call out the champion, lamenting the referee who missed his foot on the rope and demanding another shot at the gold. The two could well clash at the upcoming Night of Champions event in Saudi Arabia, but should Gunther be the man to have his hand raised?

If we look at his recent habit of retiring some of the biggest stars in the game, it’s hard to argue with a championship claiming victory for the Austrian. Why would WWE squander all of the stock they have recently pumped into the monster heel? Beating John Cena into retirement only to then lose two straight clashes with Cody would likely do irreparable damage to the Ring General, and he may never be seen as a credible threat again should that actually happen. WWE has booked itself into a corner somewhat, and a WWE Championship victory over Cody could be the only way they can save face.

Sami Zayn

For years, Sami Zayn has been positioned as the ultimate underdog, and for the vast majority of those years, fans have loved him. He and Cody were the hottest stars in the company heading into WrestleMania 39 in Los Angeles three years ago, with both locking out the main event scene. However, over the last year or so, those same fans have lost interest, turning on Zayn and roundly booing him each and every week.

In recent weeks, Zayn has finally acknowledged this sentiment shift. He recently stood back and watched Gunther choke out Cody on an episode of SmackDown, rather than running in and making the save for his former friend. He has also stated that he is tired of being overlooked and that he could well be the biggest threat to the American Nightmare’s title reign. Both of those actions are the moves of a heel, a bad buy.

But the turn to the dark side isn’t yet fully complete, and there are two clear ways in which WWE can fully cement the turn. The first would be having Zayn cost Rhodes the championship, likely against Gunther or someone else entirely. The second, and most interesting, would be Zayn cheating to beat Rhodes himself and finally becoming WWE champion for the first time at long last.

Fans have already turned on Zayn. He’s already getting booed and loudly booed at that. Why stop here? The story that makes the most sense, arguably more than Gunther beating Rhodes, would be for Zayn to finally commit fully to being the villain and cheating to pick up the one title that has evaded him throughout his entire career.

Think of Daniel Bryan and his shocking heel turn to win the WWE Championship off of AJ Styles, delivering the low blow and then the Running Knee to claim the title. Zayn could well employ similar tactics to end Cody’s reign. He could also call in the help of his real-life best friend, Kevin Owens, and form a villainous faction for the ages, using the numbers game to rip the title away from the champion in a true American nightmare story.