The massive headlines were inescapable on Tuesday morning.

“Raw” was heading to Netflix on a 10-year, $5 billion deal beginning in 2025, and Dwayne “The Rock” Johnson was named to the TKO board of directors while gaining full ownership of “The Rock” name and entering into a new services and licensing agreement with WWE.

Those are the broad strokes in what officially feels like the beginning of the Nick Khan era in WWE that will be bold, international — with so many premium live events now outside the U.S. — and very lucrative with him as CEO.

But what else does it all mean?

For one, it means Raw technically is a weekly PLE. Fans who don’t have Netflix will have to pay another $77 to $185 a year — depending on whether you are OK with ads — to watch it.

With SmackDown moving back to USA Network and NXT jumping to CW, fans must pay three separate entities to watch WWE programming, even if you have cut the cord already.

The wrestling audience is an uber-loyal one. It’s assumed the majority of fans who do not already subscribe to Netflix likely will add it. But it will be a test for some if they are willing to pay more to watch WWE.

Also in the Raw-Netflix press release, something that got a few people confused: It said Netflix will be the home for all WWE programming outside the U.S., including NXT, SmackDown and PLEs. 

PLEs for those who live in the U.S. will remain on Peacock until at least 2026. But Khan said last May the deal, reportedly worth around $1 billion, was undervalued, just two years into the pact.

It should at least open the door for a bidding war between Netflix and NBC Universal, which still has skin in the game by owning the SmackDown rights, when that deal comes up. Others will jump in, too. Amazon and Apple have made forays into live sports, but Netflix and NBCU should feel more compelled with their weekly shows being a promotion for the PLEs. ESPN+ could be another potential suitor for PLEs as ESPN+ broadcasts UFC pay-per-views; WWE and UFC are both under the TKO umbrella.

Also, expect plenty of WWE-themed programming/documentaries on Netflix, which is another advantage to taking one of the weekly shows off cable.

The Rock joining the board of directors feels important on several levels.

One, it means a former wrestler not married into the McMahon family has a seat at the big table for the first time. (Is he technically Roman Reigns’ boss now?)

Also, it means we almost certainly see The Rock wrestle this year and maybe beyond. He has a new services and merchandise agreement and a bigger stake in the company’s success. Why wouldn’t he want to contribute to it more in the best way he can for the bottom line and the growth of the business?

He further teased a clash with Reigns during an appearance Tuesday on ESPN’s “First Take,” saying “there’s a chance” the two have a match at WrestleMania.

His presence also made me think about the UFL, the spring football league created as a merged of the XFL and USFL. Johnson and ex-wife Dany Garcia own the largest chunk of the UFL. If the league proves to be successful, who couldn’t see TKO buying it at some point, if it feels the media rights will be profitable for them?

Lastly, the Netflix news is fantastic for AEW and means the promotion should be around and thriving for a long time. It ends speculation that “Raw” could be heading to Warner Bros. Discovery if the company didn’t land the NBA rights again. It clears the way for AEW to likely sign a lucrative television rights deal with its current partner.

You would think it also makes adding AEW programming to Max’s new sports streaming wing an even bigger part of the conversation. “Rampage” and “Battle of the Belts” might be of greater value there long-term than they are on cable — the hardcore AEW fans will follow those shows there.

Tuesday was a monumental day for sports television rights, WWE and pro wrestling as they moved its weekly programing into an arena it’s never been before.

The effectiveness of it and ripple effects will be fascinating to watch.