On January 1, 2019, Rhodes joined the newly founded company All Elite Wrestling (AEW). There he was an executive vice president and a record-tying three-time TNT Champion (also being the first man to win the title). On February 15, 2022, he left AEW. That April he returned to WWE on the first night of WrestleMania 38, defeating Seth "Freakin" Rollins. He would go on to win the Undisputed WWE Tag Team Championship (his fourth Raw Tag Team Championship and his first SmackDown Tag Team Championship) and the Royal Rumble Match in 2023 and 2024, becoming the fourth wrestler to win that match twice in a row.