WRESTLEFILE EVENT FILE

No Way Out 2004: Eddie Guerrero Turns a Thin Card into a Night That Still Matters

The factual record, historical context, match-by-match analysis, and WrestleFile verdict.

WWEFebruary 15, 2004Cow Palace
THE WRESTLEGRADEB7.7 / 10FINAL EVENT SCOREMASTER FILE RANK#559OF 1030
PROMOTION
World Wrestling Entertainment
DATE
February 15, 2004
VENUE
Cow Palace
LOCATION
Daly City, California
ATTENDANCE
11,000
EVENT TYPE
PPV
THE FILE

No Way Out 2004 spends more than half of its runtime looking like a brand-exclusive card that could have been trimmed without consequence. The opening handicap match is disposable, Jamie Noble and Nidia is an angle disguised as wrestling, and the next two bouts never rise much above television-level work. Then the show changes character. Rey Mysterio and Chavo Guerrero deliver a strong Cruiserweight Championship match, Kurt Angle, John Cena and Big Show produce a crisp WrestleMania-stakes triple threat, and Brock Lesnar versus Eddie Guerrero closes with one of the most emotionally complete championship victories of the Ruthless Aggression era.

Read the Full FileContinue the event-level analysis

That back-loaded structure is why the final grade sits well above the match distribution without pretending the weak first half did not happen. Eddie and Brock are an A+ main-event destination, and their placement matters because the whole show is built to deliver that payoff. The final B / 7.7 therefore rewards a successful centerpiece and two meaningful supporting matches while refusing to let historical affection erase four ordinary or poor bouts. This is not a uniformly great pay-per-view. It is a middling card that catches fire at exactly the point where the event most needs to matter.

Event ContextBackground, stakes & historical setting

No Way Out 2004 took place on February 15 at the Cow Palace in Daly City, California, before an announced crowd of approximately 11,000. It was the sixth No Way Out and the first edition presented as a SmackDown-exclusive pay-per-view after WWE's brand split. Contemporary business reporting put the show at roughly 350,000 pay-per-view buys, while the event grossed more than $450,000 in ticket sales. Seven matches aired on the pay-per-view itself. A six-man tag featuring Tajiri, Sakoda and Akio against Último Dragón, Billy Kidman and Paul London aired beforehand on Sunday Night Heat and is excluded from the graded card.

The central story was Eddie Guerrero challenging Brock Lesnar for the WWE Championship after winning a SmackDown-only Royal Rumble on television. WWE framed Guerrero as the undersized survivor confronting the biggest obstacle of his career, while Lesnar was simultaneously being pulled toward Goldberg and their already-announced WrestleMania XX collision. Goldberg's ringside presence therefore existed as both interference risk and narrative pressure. Elsewhere, Rey Mysterio defended the Cruiserweight Championship against Chavo Guerrero, and Kurt Angle faced John Cena and Big Show for a WrestleMania WWE Championship opportunity.

The card also reflects the strengths and weaknesses of the 2004 SmackDown roster. The top end had Lesnar, Guerrero, Angle, Mysterio and a rapidly rising Cena, but several supporting programs were plainly filler. The result is a show with two distinct halves. The early portion asks viewers to wait for the important material, while the closing stretch finally delivers pay-per-view-level stakes, stronger wrestling and a genuinely historic ending.

VIEWING GUIDE

Watch, Skim or Skip?

WATCH
  • Rey Mysterio vs. Chavo Guerrero — WWE Cruiserweight Championship
  • Kurt Angle vs. John Cena vs. Big Show — WWE Championship No. 1 Contender Triple Threat
  • Brock Lesnar vs. Eddie Guerrero — WWE Championship
SKIM
  • World's Greatest Tag Team vs. The APA
  • Hardcore Holly vs. Rhyno
SKIP
  • Rikishi & Scotty 2 Hotty vs. The Basham Brothers & Shaniqua — WWE Tag Team Championship
  • Jamie Noble vs. Nidia — Blindfold Match
MATCH-BY-MATCH ANALYSIS

The Card, On the Record

01Rikishi & Scotty 2 Hotty def. The Basham Brothers & Shaniqua — WWE Tag Team ChampionshipD-

The pay-per-view opens with a three-on-two handicap title defense that is built around one obvious visual payoff rather than sustained tag-team drama. Scotty 2 Hotty spends much of the match isolated while the challengers rotate through straightforward offense, and the Bashams never create the sense that they are about to seize control of the championship picture. The crowd responds most when Rikishi finally receives the hot tag and the match funnels toward his confrontation with Shaniqua. That ending gets the reaction WWE wants, but everything before it feels mechanical and disposable. As an opener it is easy to follow and short enough to avoid collapse, yet it never approaches the urgency expected from a pay-per-view championship match.

VERDICT

A broad, payoff-first opener whose one crowd-pleasing spot cannot carry an otherwise thin title match.

02Jamie Noble def. Nidia — Blindfold MatchF

Jamie Noble and Nidia are asked to convert a relationship angle into a blindfold match, and the stipulation leaves almost no room for the kind of wrestling either performer could normally provide. The comedy consists largely of Noble missing charges, Nidia taunting him and the audience waiting for him to cheat by lifting the hood. Once that happens, the finish arrives quickly with Noble using the Dragon Sleeper. The segment advances his heel character, but as a match it is barely competitive and has almost no escalation, athletic payoff or suspense. Even sympathetic contemporary reviews treated it as an angle more than a bout. It is the clearest low point on the card and an easy skip on a modern rewatch.

VERDICT

An angle with a bell attached, offering almost nothing as a competitive pay-per-view match.

03World's Greatest Tag Team def. The APAD+

Charlie Haas and Shelton Benjamin give the APA a workable seven-minute match by focusing on Faarooq's arm and using their speed to contrast with Bradshaw's power. The structure is sensible: the younger team controls through quick tags, Bradshaw supplies the hot-tag energy, and the finish protects the APA's strongest weapon when Haas absorbs the Clothesline from Hell before Benjamin catches Bradshaw with a superkick. Nothing is badly executed, but the match never develops the urgency or crowd investment required to rise beyond competent television work. The World's Greatest Tag Team looks crisp and organized, while the APA feels close to the end of its useful run. It is serviceable connective tissue rather than a reason to seek out the event.

VERDICT

Competent tag wrestling with a smart finish, but too little heat or ambition to escape the lower middle of the card.

04Hardcore Holly def. RhynoD+

Hardcore Holly and Rhyno work a physical, straightforward match immediately after the much hotter Goldberg-Lesnar confrontation, and the placement does them no favors. Rhyno targets Holly's ribs with repeated whips and power offense, while Holly answers with familiar strikes, a dropkick and the Alabama Slam. The best sequence comes when Rhyno hits the Gore near the ropes and Holly spills outside, buying enough time to recover before returning to the ring. That is a useful nearfall substitute, but the feud carries almost no emotional weight and the crowd is still processing the previous angle. The work is sturdy enough to avoid being bad, yet it feels like a SmackDown match occupying pay-per-view time.

VERDICT

A decent, physical television-style bout stranded between more important stories.

05Chavo Guerrero def. Rey Mysterio — WWE Cruiserweight ChampionshipB+

Rey Mysterio and Chavo Guerrero finally give the show a match with sustained rhythm, escalating counters and a crowd that is invested in more than the finish. Chavo works the ribs and repeatedly slows Mysterio's springboard offense, while Rey's comebacks create convincing nearfalls without turning the bout into a spot exhibition. The top-rope gutbuster, apron DDT and late 619 sequences all feel connected to the struggle rather than inserted for spectacle. Chavo Sr.'s interference ultimately gives the challenger the championship, so the ending is not clean, but it fits the heel story and arrives after enough high-quality wrestling to feel earned. This is the first match on the card that clearly belongs on a pay-per-view.

VERDICT

A strong cruiserweight title match with real escalation, excellent nearfalls and just enough interference to preserve the rivalry.

06Kurt Angle def. John Cena and Big Show — WWE Championship No. 1 Contender Triple ThreatB

Kurt Angle, John Cena and Big Show turn a predictable outcome into an energetic WrestleMania-stakes triple threat by giving each wrestler a distinct role. Show supplies the size problem, Cena provides the explosive crowd-pleasing power spots, and Angle keeps the transitions organized while repeatedly attacking Cena's leg. The final stretch is especially effective: Cena lifts Show for the FU, Angle throws the giant over the top with an Angle Slam, and the Ankle Lock gives Angle a decisive submission without making Cena look outclassed. The match is compact enough that the formula never becomes repetitive. It is not a classic, but it succeeds as both a competitive attraction and a clean bridge to WrestleMania XX.

VERDICT

A brisk, well-structured triple threat that makes the obvious winner feel satisfying and keeps Cena's ascent moving.

07Eddie Guerrero def. Brock Lesnar — WWE ChampionshipA+

Brock Lesnar and Eddie Guerrero deliver the exact main event this card needs: a physically credible David-versus-Goliath struggle in which every phase reinforces the larger story. Lesnar dominates through size, suplexes and body control, while Guerrero survives by attacking the knee and forcing the champion to fight at a pace he does not prefer. The crowd grows louder as Eddie's resistance becomes believable, and the match preserves enough patience that the final interference does not overwhelm the preceding work. Goldberg's spear creates chaos, but Guerrero still has to counter another F-5, use the championship as part of the DDT and land the Frog Splash. The victory and celebration complete one of WWE's great underdog championship moments.

VERDICT

An A+ main-event destination where elite match construction and an iconic title change reinforce each other instead of competing for attention.

BOOKING VERDICTB+

The booking succeeds because WWE understands where the emotional destination is and protects it until the last possible moment. Guerrero's title chase receives the strongest video package, the longest match and the final slot, while Lesnar's distraction with Goldberg adds a credible vulnerability without reducing Eddie to a lucky bystander. Goldberg's spear creates the opening, but Guerrero still has to survive another kickout, counter the F-5, drive Lesnar onto the championship and land the Frog Splash. That sequence gives the new champion agency after the outside interference.

The rest of the show is much less disciplined. Noble versus Nidia is barely structured as a competitive match, and the opening handicap bout exists primarily for a broad comedy payoff. The middle of the card contains competent but low-stakes material until Mysterio and Chavo raise the standard. Angle's triple-threat win is predictable, but it cleanly establishes the WrestleMania challenger while keeping Cena's momentum intact. Booking earns a B+ because the important stories are advanced correctly and the main event lands almost perfectly, even though too much of the undercard feels like television filler.

CROWD & PRESENTATIONA-

The Cow Palace crowd is the show's greatest supporting performer. Early matches receive uneven reactions, but the building becomes progressively louder as the stakes rise, especially for Mysterio, Cena, Angle and the entire Lesnar-Guerrero presentation. Goldberg's confrontation with Lesnar produces major noise, and Eddie's entrance immediately shifts the final match into a different emotional register. By the closing minutes, every escape and nearfall feels amplified because the audience clearly believes Guerrero can complete the upset.

WWE's presentation also helps the event age better than its first-half wrestling. The Lesnar-Guerrero video packages are direct, personal and easy to understand without requiring extensive weekly-show context. Michael Cole and Tazz sell Eddie's challenge as a career-defining opportunity, and the final celebration is allowed to breathe instead of being rushed off the air. The visual scale is smaller than WrestleMania, but the packed lower bowl and sustained closing reaction make the championship change feel enormous. Crowd and Presentation earns an A- because the atmosphere and production turn a strong main event into an enduring memory.

HISTORICAL SIGNIFICANCEA-

No Way Out 2004 matters primarily because it is the night Eddie Guerrero reached the top of WWE. His victory over Brock Lesnar gave him the WWE Championship and created the defining image of his singles career: Guerrero celebrating with the title while the Cow Palace roared. The moment gained additional weight after his death in 2005, but the significance existed immediately. It was a breakthrough for a wrestler who had spent years as an elite supporting performer and who, because of his size and personal history, had rarely been positioned as the obvious corporate choice for a world championship.

The event also sits directly on the road to WrestleMania XX. Kurt Angle's triple-threat victory establishes the next WWE Championship challenger, while Goldberg's involvement with Lesnar accelerates their cross-brand rivalry. Lesnar would leave WWE after WrestleMania, making this his final WWE Championship defense of that first run. Chavo Guerrero's Cruiserweight Championship victory adds another title change and extends the Guerrero-family story across the card.

Historical Significance earns an A-minus rather than an automatic elite overall score. The night contains a career-defining championship change and several important WrestleMania pivots, but those facts do not retroactively improve the weak first half. Its legacy is concentrated, powerful and durable. That distinction is exactly why the event can be historically essential while remaining only a B as a complete wrestling show.

WHAT AGED WELL
  • Eddie Guerrero's championship victory still lands as a genuine emotional climax rather than a nostalgia-dependent moment.
  • Brock Lesnar and Guerrero tell a clear size-versus-speed story that remains easy to follow and dramatically effective.
  • Rey Mysterio versus Chavo Guerrero holds up as a strong, patient cruiserweight title match rather than a disposable undercard sprint.
  • Kurt Angle, John Cena and Big Show provide a useful snapshot of Cena's rise while delivering a compact, well-structured triple threat.
  • The closing celebration is given enough time to feel like the point of the entire show.
WHAT AGED POORLY
  • Jamie Noble versus Nidia remains a weak example of the era using humiliation and gendered comedy as match structure.
  • The opening handicap match is more interested in its broad payoff than in producing a credible championship contest.
  • The first four pay-per-view matches collectively feel closer to weekly television than a major-event undercard.
  • Goldberg's involvement helps the main-event story but introduces an interference caveat into Guerrero's career-defining title win.
RESEARCH VERDICTWhere the Evidence Lands

The strongest contemporary and retrospective sources describe No Way Out 2004 as a sharply divided event. TJR Wrestling rates the show 7.5 out of 10 and explicitly calls it a three-match show, with Rey Mysterio versus Chavo Guerrero, the WrestleMania contender triple threat and Brock Lesnar versus Eddie Guerrero carrying the card. TJR gives the main event four-and-a-half stars and identifies Jamie Noble versus Nidia as the worst match. CAGEMATCH's exact event page is somewhat cooler on the complete show, sitting in the mid-6 range, while its matchguide still places Lesnar-Guerrero far above the rest of the card and gives Mysterio-Chavo and the triple threat solid support.

The first four pay-per-view matches are weak to middling, while the final three contain the card's strongest material. The final B / 7.7 reflects how heavily those closing matches shape the complete event: the A+ match is the advertised main event, the championship change is the evening's destination, and the two bouts immediately before it are also among the card's strongest.

The broad consensus supports that verdict. Reviews repeatedly praise Eddie's victory and the closing stretch while describing the first half as filler, forgettable or television-level. No Way Out 2004 is memorable for the right reason and uneven for equally real reasons.

RESEARCH SOURCESSources & Methodology
21 sources

These sources support the event record, historical context, critical reception, and streaming information used throughout this Event File.

  1. TJR Wrestling — WWE No Way Out 2004 ReviewDetailed retrospective with match ratings, overall 7.5 score and watch guidance.
  2. TJR Wrestling — Retro WWE No Way Out 2004 ReviewRetrospective discussion of the event's three-match closing stretch and main-event legacy.
  3. Retro Pro Wrestling — WWE No Way Out 2004 ReviewFull-card retrospective emphasizing the weak first half and historic main event.
  4. 411Mania — Dark Pegasus Video Review: No Way Out 2004Full-card retrospective and alternate match-by-match assessment.
  5. Pro Wrestling Torch — No Way Out 2004 PPV ReviewContemporary detailed event review and match-level perspective.
  6. Bleacher Report — Eddie Guerrero's Big Night at No Way Out 2004Retrospective context for Guerrero's championship victory and event legacy.
  7. TJR Wrestling — Eddie Guerrero vs. Brock Lesnar Match ReviewFocused retrospective on the WWE Championship main event and its long-term reputation.
  8. 411Mania — Top February PPV MatchesHistorical ranking context for Brock Lesnar versus Eddie Guerrero.
  9. WhatCulture — WWE 2004 PPVs From Worst To BestYear-level comparative placement for No Way Out 2004.
  10. 411Mania — 50 Greatest Matches 1998-2008Long-range historical context for Lesnar versus Guerrero.
  11. WWE — No Way Out 2004 ResultsOfficial match-result reference for the pay-per-view card.
  12. ProFightDB — No Way Out 2004 ResultsResults and star-rating reference for the exact event.
  13. CAGEMATCH — WWE No Way Out 2004 Event PageExact event identity, attendance, card and matchguide ratings.
  14. Online World of Wrestling — No Way Out 2004 ResultsIndependent results reference for the full event.
  15. IMDb — WWE No Way Out 2004 User ReviewsViewer retrospective context for complete-event reception.
  16. Amazon — WWE No Way Out 2004 DVD ReviewsHome-video audience perspective on the event and Guerrero's title win.
  17. Amazon Canada — WWE SmackDown! No Way Out ReviewsAdditional home-video audience reaction.
  18. WhatCulture — Best Eddie Guerrero MatchesRetrospective placement of the Lesnar match within Guerrero's career.
  19. Bleacher Report — Why Eddie Guerrero's Win MatteredHistorical analysis of the championship victory's significance.
  20. 411Mania — Top Brock Lesnar MomentsCareer-context retrospective including No Way Out 2004.
  21. Netflix — WWE No Way OutCurrent collection landing-page check; the public U.S. page foregrounds the 2012 season rather than confirming 2004.
WHERE TO WATCH

Stream This Event

Checked August 23, 2026STATUS
No confirmed full-event stream

No current full-event U.S. viewing provider is confirmed. Netflix has a public WWE No Way Out collection page, but its public U.S. landing page currently exposes the 2012 season rather than confirming the 2004 event.

WrestleFile lists only streaming options we have specifically confirmed. Availability varies by country and can change.