One of the most anticipated announcements on the wrestling calendar has arrived, as Pro Wrestling Illustrated has officially released its 35th annual PWI 500 list. The rankings, which evaluate top performers from WWE, AEW, NJPW, and CMLL, have fueled months of debate among fans. On September 23, the publication unveiled its full top ten, closing the book on the past year of in-ring competition.
For the second straight year, The American Nightmare Cody Rhodes has claimed the number one spot.
This accomplishment places Rhodes in rare company, making him just the fourth wrestler to achieve back-to-back number one rankings. He now joins Bret Hart, Steve Austin, and John Cena.
The honor reflects Rhodes’ dominant run during the evaluation period of August 1, 2024, through July 31, 2025. Within that timeframe, he became the inaugural Crown Jewel Champion by defeating World Heavyweight Champion GUNTHER at Crown Jewel 2024 and later captured the King of the Ring tournament at Night of Champions 2025.
His reign as WWE Champion also included successful defenses against Solo Sikoa and Kevin Owens. The evaluation period concluded shortly after his championship loss to John Cena at WrestleMania 41.
AEW’s Jon Moxley followed Rhodes at number two, while WWE’s GUNTHER landed at number three. The rest of the top ten for the 2025 PWI 500 is as follows:
- Hangman Adam Page (AEW)
- Hirooki Goto (NJPW)
- Jey Uso (WWE)
- Swerve Strickland (AEW)
- Seth Rollins (WWE)
- Místico (CMLL)
- Will Ospreay (AEW)