I don't think it will be a mainstream ripple, but it will draw eyeballs to whatever it was he was doing. Whatever Matt Hardy did in TNA many times over. On a New Japan show, it could be a good way to launch traditional PPV in the United States -- especially if it's accompanied by a 6.35 star classic, of course.
Last time I watched a SmackDown (and it was ages ago), Bryan sounded like one of the most genuinely over people on the show. He obviously doesn't feel white-hot anymore, but he seems more beloved than just about anybody else on the show. I don't think the WWE have cooled him as much as they are more comfortable using him as the sideshow attraction now that they won't let him wrestle.
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