No Way Out featured professional wrestling matches that involve different wrestlers from pre-existing feuds, plots, and storylines which are played out on WWE's primary television programs. Wrestlers portray villains or heroes as they follow a series of events that build tension and culminate in a wrestling match or series of matches.
The main event of the pay-per-view involves John Cena and Big Show. On the May 14 edition of Raw, the General Manager of Raw and SmackDown John Laurinaitis fired Big Show for making fun of his voice. At Over the Limit, just before John Cena would defeat Laurinaitis, Big Show used his W.M.D. and knocked out Cena, allowing Laurinaitis to pin Cena. The next night on Raw, Laurinaitis revealed that he gave Big Show back his job, complete with an ironclad contract with a bonus on the condition that he would take out Cena as Show was outside the influence of the no interference stipulation for the match. Show stated that he only helped Laurinaitis when he didn't receive any sympathy from the other Superstars and, because of his ironclad contract, started attacking those Superstars. Laurinaitis would soon book a match between Cena and Big Show inside a steel cage for the pay-per-view.
The main event of SmackDown involves the World Heavyweight ChampionSheamus defending his title against Alberto Del Rio. Following a successful title defense by Sheamus against Del Rio, Randy Orton, and Chris Jericho at Over the Limit, all three challengers faced off in a Triple Threat match on the May 25 edition of SmackDown to earn a match against Sheamus for his title. Del Rio successfully pinned Jericho to score a match against Sheamus at No Way Out.
The main event of Raw involves the WWE ChampionCM Punk defending his title in a Triple Threat match against Daniel Bryan and Kane. On the May 18 editon of SmackDown, Punk was put in a match against Kane, where Bryan was in commentary observing the match. Bryan would run interference by attacking Kane with a steel chair and making it look like Punk did it, causing Kane to attack Punk. On the May 21 edition of Raw, Bryan, who demanded a rematch due to Punk tapping out moments after scoring the pin during their WWE Championship match at Over the Limit, was facing off against Kane, set up by Punk in which the situation nearly reversed itself. Afterwards, Kane would start attacking both indiscriminately after being a pawn in each of their plans. On the June 1 episode of SmackDown, which involved Punk defending the WWE Championship against Kane, Bryan would interfere in the match, attacking both once more, only for Kane to chokeslam both Bryan and Punk. Afterwards, John Laurinaitis came out to announce a Triple Threat match involving Punk, Bryan, and Kane.
Results
Numbers in parentheses indicate the length of the match.
(c) refers to the champion(s) heading into the match.