What if stories are really hard to map out because you can’t really be sure. Is it possible that Tony would’ve gotten on board if they could’ve made all in work even without the Jericho stuff, it’s hard to say I guess. Maybe they would’ve did it all in 2 and that might’ve finally convinced him or it’s even possible that Tony didn’t even wind up being the investor this time and maybe Mark Cuban invested and made AEW happen instead. It’s honestly interesting to think about.
Can’t imagine a AEW without Tony, but technically speaking, the all elite was just their trademark friendly way of copying their all in success, and because they were called the elite, so technically speaking, they could’ve still created a company called AEW without Tony but certainly a completely different world.