The WWE claimed about a year ago that we were in the reality era. A lot of people scoffed at this, but it's really starting to come to fruition this past month. With Triple H playing off the IWC perception that he holds back talent, Orton playing off the IWC perception that he's a chosen son of the WWE brass and Bryan playing off his perception that he'll never get over because he doesn't fit the mold of a WWE top draw, these last few weeks of television have been great television because it seems like real life is playing out on the TV screen.
It appears that you can now add Cody Rhodes to the mix of reality being played out on WWE programming. Sure, he wasn't actually fired but the idea that the McMahon family has hated the Rhodes family is no secret. McMahon all but pissed on Dusty Rhodes's legacy in the late 80s with his "every man gimmick," taking a legendary figure and mixing his "I've dined with Kings and Queens and slept in the alley on pork and beans" catch phrase into a character that cleaned shit out of toilets, helped jump start pick-up trucks, "dated" a middle-aged, frumpy black woman and wore polka dots. Add in McMahon naming Mike Jones' servant character Virgil (after Rhodes) --- WCW lated named Jones' servant character Vincent (after McMahon) ---- as well making Dustin Rhodes a bizarre, androgynous character, and it's clear that McMahon has just been ribbing the Rhodes family for years.
While I'm not sure the WWE will go all the way with Rhodes, this potential angle has a lot to work with ... and in a similar fashion to the Daniel Bryan story arc, it will work because it's based in reality and just feels real.