CM Punk, Cody Rhodes Are Misranked and Top Takeaways From The PWI Top 500 List

MJF topped the 2026 PWI 500, but this year's top ten will still give wrestling fans online plenty to debate about.

Pro Wrestling Illustrated releases its annual list of the top 500 pro wrestlers in the world every fall. Securing the coveted top spot and the cover of the legendary magazine has become a celebrated accomplishment.

Maxwell Jacob Friedman will join an esteemed list that includes all-time greats like Hulk Hogan, Bret Hart, Shawn Michaels, Stone Cold Steve Austin, Kurt Angle, John Cena, A.J. Styles, Kenny Omega, and Kazuchika Okada.

As usual, hardcore fans will head to social media to dispute the results and plead their case for their favorites. We have some qualms with the list, but it all makes for fun debates.

For those who may not know, the PWI 500 is a kayfabe list that evaluates wrestlers based on the following criteria:

In-ring achievements: Win/loss records, championships, tournaments, and key contests won.

Influence: Visibility and prestige within a promotion and/or the industry.

Technical ability: Quality of moves, matches, and in-ring storytelling during a period.

Competition: Success against the most varied and highest-quality field of opponents.

Activity: Minimum 10 singles matches total; or, barring this, six such matches in separate months.

The evaluation period ran from Aug. 1, 2025 to July 31, 2026. The top 10 wrestlers on this year's list include:

You can find the full list of 500 wrestlers in the December 2026 issue of Pro Wrestling Illustrated. Digital copies are available on the publication's website .

It's hard to argue that Friedman doesn't deserve the number one spot. The three-time AEW World Champion has delivered some of his best performances over the past year and has emerged as a bona fide draw.

Whether you like him or not, he was the most consistently impactful top star during the evaluation period. His 2025 feud with "Hangman" Adam Page helped to reinvigorate the product, and he was an effective foil to Omega and Will Ospreay in the lead-up to All In: Texas.

Yota Tsuji has also had a tremendous year as the reigning IWGP Heavyweight Champion. One could even contend that he shouldn't have been higher on the list because his output since Wrestle Kingdom 20 has been incredible. He was the most entertaining competitor to watch in the G1 Climax.

Oba Femi and Trick Williams deserved recognition for their breakout year on WWE's main roster. The Ruler is the most effective NXT call-up in recent memory and the future of the company. Similarly, Penta , who ranked 24th, has had a fantastic transition to the bigger stage on Raw.

Místico is still new to some mainstream fans, but he is the biggest box office draw in Mexico. His work with AEW and NJPW was entertaining, but he earned fourth place as the luchador who helped CMLL become a powerhouse again.

Cruz Montana landed surprisingly high at number 13. However, he successfully reinvented himself as a single competitor with TNA and became a two-time world champion. At number 14, Callum Newman , 23, turned heads as the youngest wrestler to win the New Japan Cup and IWGP heavyweight title.

Kevin Knight landed at 24, following a phenomenal run with the TNT Championship. This year, he successfully defended his title against three former world champions and headlined AEW Redemption against Omega.

Darby Allin arguably deserved a higher spot than 12 following his first AEW world title win to close Dynamite: Spring BreakThru. His reign only lasted 39 days, but his seven defenses were some of the best television matches of the year.

Conversely, Jon Moxley's absence from the top 10 was particularly glaring. Considering his 2025 Continental Classic win and 271-day reign as champion, you would think he would rank higher than 19.

Mox has been dominant since the C2, pulling off upset wins over high-profile opponents during the evaluation period. Roman Reigns' omission from the PWI 500 also sparked some outrage online.

Although The Tribal Chief has produced three exceptional outings in 2026, he didn't compete in enough matches to meet the criteria. Still, his most avid fans would say that his seven matches, Royal Rumble win, and five-star WrestleMania main event appearance made him the most relevant top star in the industry.

CM Punk Should Rank Higher Than Cody Rhodes

Surprisingly, Cody Rhodes ranked second after his most underwhelming tenure as a main eventer. The second-generation star held the number one spot for two consecutive years, from 2024 to 2025.

Rhodes deserved it because he was WWE's biggest star during that time, but it's hard to justify his position this year. Curiously, CM Punk is below him at third and has had a much better run since August.

The Second City Saint has secured three world title wins during the evaluation period. His match against Gunther at SummerSlam in 2025 exceeded expectations. This year, Punk vs. Reigns ended WrestleMania weekend with a match-of-the-year contender.

Even more, his return in July to win the Undisputed WWE Championship elevated SmackDown's main event scene. Punk may be polarizing, but he has eclipsed Rhodes as the blue brand's most prominent Superstar. The American Nightmare certainly belongs in the top 10, but not that high.