The world of professional wrestling is a strange place where the athletic performers engage in predetermined matches in front of a willing public. Although the wrestlers are not engaging in a real athletic competition, the audience suspends its disbelief and buys into the illusion. It's this aspect of wrestling that sets it apart from other similar genres like comics and movies. In many ways, WWE resembles a multiverse with its multiple different realities that rivals the likes of even the Arrowverse.
The universe that exists outside of the kayfabe world of wrestling is our universe, its the reality where the televised wrestling product takes place. Monday Night Raw is kind of like a Muppet-style variety show where the wrestlers engage in ongoing feuds and comedy. Fans are active participants in this world and their reactions help shape the in-universe storylines taking place. Real-life events and injuries can often also influence the direction of the show, and the rise of Daniel Bryan is an excellent example of this.
Daniel Bryan was presented as a B+ player in wrestling, someone who would never reach the upper echelon and break through the glass ceiling. His character was getting screwed by the corporate heel group called the Authority, and Bryan seemingly received no retaliation and was pushed further down the card. It was a multitude of factors like his enduring fan support and the real-life consequences of CM Punk walking out of the company, which catapulted him into the main event of WrestleMania 30. The spontaneous nature of wrestling and how plans can seemingly change on a whim are one of the things that make wrestling truly a spectacle responsive to everyday changes in life.
The in-universe world of wrestling compiles all the storylines and the characters that are regularly seen on television. Like comic-book characters, the wrestlers are embroiled in serialized stories that see them settled their conflicts in the middle of the ring. Like any tv show or superhero universe, there's logic surrounding everything going on in a wrestling ring. The essence of kayfabe ensures that the components that makeup wrestling are coherent and move smoothly. Back during the territorial days of wrestling, kayfabe was strongly protected. If two wrestlers who were embroiled in a feud were seen in public together, they would go out of their way to maintain kayfabe or risk breaking immersion. While kayfabe isn't as strongly protected today, face and heel wrestlers are often placed in separate buses and some wrestlers keep their personas going even on social media.
Southpaw Regional Wrestling and Bray Wyatt's Firefly Fun House are alternate universes that parody certain aspects of the wrestling industry. Southpaw is a parody of the southern wrestling promotions of the 1980s, while the Firefly Fun House is a sinister version of Mister Rogers' Neighborhood. These segments can offer astounding critiques on wrestlers and wrestling history. John Cena's match with Bray Wyatt at WrestleMania 36 was an excellent meditation on these two wrestlers and their history. This match saw Cena confront himself in dreamlike sequences that displayed his past and alternate scenarios like him being in the NWO.
Outside of WWE, there exist multiple different wrestling promotions like New Japan Pro Wrestling and All Elite Wrestling. These promotions occupy their own universes in the larger wrestling multiverse. And unlike Marvel and DC, these characters routinely jump ship and live out alternate versions of themselves. Wrestlers like AJ Styles and Jon Moxley reinvent their characters in other wrestling promotions and constantly assume different roles. Only in wrestling can you see live-action superheroes from different companies wrestle one another one sooner or later down the pipeline.
While wrestling might not be as fantastical as the shows on the Arrowverse, wrestling is its own multiverse of full of star-studded characters with interconnected histories. The fun of wrestling is seeing these larger than life characters duking it out every week on television like the heroes in our movies and comics.