All Elite Wrestling ran its fifth episode of “AEW Dynamite” last week on TNT. The show is averaging around a million viewers and has beaten WWE’s NXT show on USA each week in the ratings so far.

Here is a look at what AEW, whose presentation benefits greatly from the enthusiasm of its live crowd, has gotten right and needs improvement on as it heads into “Full Gear,” its final pay-per-view of the year, on Saturday night in Baltimore.

That’s what Matt Jackson told The Post before “Dynamite” debuted, and that’s what the wrestling legend has been. AEW has strategically used Jericho in both hours of the show nearly every week, and his Inner Circle faction is a perfect use of his star power and character. Sammy Guevara, Jake Hager and Santana and Ortiz get the rub of importance from Jericho, and the AEW champion can use them as a way to cheat, gain the upper hand and keep his title while preserving future matches with younger talent.

The luxury-box segment two weeks ago with the brawl through the arena was just gold, and unscripted Jericho on the mic is a must listen. His AEW title match with Cody Rhodes at “Full Gear” has been booked to feel like a big deal. Last week’s Inner Circle attack on Dustin Rhodes made it personal.

There is an anticipation to see these two finally getting in the ring. Adding three judges to decide the match if it goes to a time-limit draw is an interesting wrinkle, but could make for a confusing finish come Saturday.

Grade: A

The overall ring work of AEW has lived up to the hype; even its Tuesday YouTube show “AEW Dark” has consistently produced at least one match that is right up there with the best of the week — see the Joey Janela vs. Kenny Omega unsanctioned clash from Boston. While sometimes the spot-heavy, frenetic matches can get a little repetitive and feel like no one is trying to win, it’s what AEW’s audience wants and doesn’t stop them from being entertaining. It’s allowed Private Party, The Jurassic Express and the Lucha Brothers to really shine in the tag title tournament won by SoCal Uncensored.

Grade: A-

One thing AEW is doing better than WWE right now is getting its babyfaces over. Women’s champion Riho, Private Party, Darby Allin and Scorpio Sky have already connected with the crowd, and all but Sky came in as basically newcomers. AEW has put them in meaningful matches with the odds against them and let them overcome in most cases.

While Jericho shouldn’t need Hager’s help to beat Allin when Allin’s hands are tied behind his back, it gives the youngster a reason for a return match and maybe a star-making win down the road.

Jon Moxley has properly been booked as the cool character babyface. He’s not a good guy or a bad guy, but he is aggressive and unpredictable. You have no clue when he’ll show up, whom he might attack and what he’ll do in general. Moxley appeared genuinely upset when his “Full Gear” match with Omega was made unsanctioned by AEW president Tony Khan. His character deserves more than to be pigeonholed in matches like that — he’s already had one with Janela — and he showed that frustration.

One person AEW has struggled to fully get over is Britt Baker. Her AEW women’s championship match with Riho, who’s over with the crowd, came way too early, and Jamie Hayter as a character stole the show in some ways despite the pro-Baker crowd in Pittsburgh. Baker, who will face rival Bea Priestly at “Full Gear,” cut an emotional promo on “Dark” that showed the anger and aggressiveness her character needs. It’s a step in the right direction.

Grade: A-

Jim Ross and Tony Schiavone continue to provide a familiar soundtrack to a new era of wrestling. Add in Excalibur, who knows this generation’s stars better than maybe anyone from his days helping create Pro Wrestling Guerrilla in Southern California, and you have a team that complements one another and brings something to the table. Ross still nails the big moment.

While AEW wants to be a “sports-based” product, hearing the guys talk about poor pinning techniques too often and spot-heavy tag teams not going for covers enough sometimes takes away from what the audience is watching and wants to see.

Grade: B+

If there is a main area of weakness for AEW it’s the pacing and order of its shows and segments just being missed. The biggest was two weeks ago when “Dynamite” went off the air with Kenny Omega late to hit the ring after the PAC-Moxley match ended in a time-limit draw and left the TV audience seeing an unhappy crowd.

It was nearly an hour before when we got our first video package on that show to give the audience a break from matches. Last week, a segment with the legendary Midnight Express interacting with Private Party couldn’t be heard because it was going on during a split-screen commercial.

While a lot of action is great, the higher ups need to remember to also deliver story and background, especially for its undercard talent, because not every fan watches the company’s YouTube shows. Match-centric pay-per-views need to feel different than “Dynamite,” which also concentrates on mostly wrestling.

Grade: C