AEW strike me as a company that will just let deals lapse rather than release people, unless of course there are extenuating circumstances like Jimmy Havok.
Although their roster is bloated too, I think a lot of guys on the indies find their contract structure to be desirable. They know they're mostly filling out Dark/Elevation tapings but otherwise they retain full control of their careers, being allowed to take bookings anywhere they want the rest of the week. Meanwhile if they "take off" and make a name for themselves on the indies, AEW could always give them Dynamite time and they also have the fringe benefits AEW offers like insurance, etc.
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