AEW has a number of traditions when it comes to the holiday season, and one of those traditions is the Dynamite Diamond Ring Battle Royal. The 2025 battle royal took place on the Holiday Bash edition of "AEW Dynamite" in Manchester, England, and the two men advancing to the match to determine the winner of the Dynamite Diamond Ring are the AEW National Champion Ricochet, and the ROH World Champion Bandido.
Brody King and Bandido were taken out by The Demand as they were making their entrance, but Ricochet and the Gates of Agony were blindsided by Ace Austin. Max Caster and Anthony Bowens might not be getting along as well as they used to, but they were able to take Josh Alexander out with the Scissor Me Timbers. However, just as the former AEW World Tag Team Champions attempted to roll back the years with the scissoring, Ricochet snuck in and eliminated Caster. Ace Austin was the next to be eliminated, and he was followed by Anthony Bowens as both Ricochet and Mark Davis worked together as the match went to the commercial break. During the break, Bishop Kaun and Toa Liona cut Brodido's Macarena party short as the two teams went toe-to-toe. Luchasaurus and Shelton Benjamin then showed each other how strong they were at the expense of the field before exchanging strikes themselves.
Back out of the break and a quick series of eliminations at the hands of Alexander saw Luchasaurus, Benjamin, and Davis, his fellow Don Callis Family member, all get dumped out of the match. The Demand would work over King in the corner but he would quickly escape, and after Alexander tried to catch King in an Ankle Lock, Brodido worked together to eliminate Alexander.
Kaun came dangerously close to eliminating Bandido but the ROH World Champion survived on the apron. However, when Liona went to eliminate Bandido, King would charge in with a Lariat, eliminating Liona and himself as the momentum carried him out of the ring. Kaun went back for Bandido to try and make the finals an all Demand affair, but Bandido hit a Poisonrana over the ropes to eliminate Kaun, leaving himself and Ricochet as the final two men in the match. They will now face each other at the Hammerstein Ballroom on December 24, where the winner will earn a shot at the AEW Men's World Championship on the Maximum Carnage edition of "Dynamite" on January 14.
