This weekend will mark the third bout of the trilogy between WWE Champion Cody Rhodes and friend-turned-mortal enemy Kevin Owens, with two championship belts suspended above the ring for a ladder match. Rhodes goes into this match with the statistical advantage, having already retained his title against Owens on two occasions, and while this is his first ladder match since dropping AEW's TNT Championship before leaving the promotion in 2022, the 93% of Wrestling Inc.'s staff have backed Rhodes to make it 3-0 on February 1. 

The story started back in August last year, with Rhodes extending a title shot to Owens as a thanks for standing with him against The Bloodline – new and original. Owens felt he didn't deserve the shot and turned it down, but after Rhodes insisted they finally met in the ring at Bash In Berlin; Rhodes defeated Owens, although it could be argued that he was spared by their friendship. 

Things took a sour twist in the aftermath of Rhodes teaming with Roman Reigns at Bad Blood, with Owens attacking him immediately after the event to set the stage for their eventual rematch at Saturday Night's Main Event in December. Rhodes was entrusted with the "Winged Eagle" WWE title belt for the occasion, and after managing to defeat Owens once again — despite KO getting a visual pin without a referee to count it — Rhodes was subjected to a brutal post-match attack. 

Owens took the "Winged Eagle" belt after the event and has since paraded as the self-proclaimed true WWE Champion, thus setting up their ladder match at the Rumble. Both competitors have been looking beyond the Rumble as well, with Owens touting a potential WrestleMania main event between he and Sami Zayn — provided Zayn helps him win the title he would ensure he won the Rumble — and Rhodes sharing a verbal showdown with CM Punk, who had said he intends to win the Rumble and challenge for Rhodes' title.