Saturday Night's Main Event XXXVIII took place on January 25, 2025, from San Antonio, Texas, at the Frost Bank Center, and was broadcast on NBC and Peacock in the United States and on YouTube in most other international markets. The event featured the contract signing (moderated by WWE Hall of Famer and San Antonio native Shawn Michaels) between Cody Rhodes and Kevin Owens for their upcoming Ladder match for Rhodes' Undisputed WWE Championship and the "Winged Eagle" WWE Championship (which Owens stole from Rhodes at the previous Saturday Night's Main Event) at the Royal Rumble event.
