No Way Out featured professional wrestling matches that involved different wrestlers from pre-existing feuds, plots, and storylines which are played out on WWE's primary television programs. Wrestlers portrayed villains or heroes as they followed a series of events that built tension and culminated 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 Knockout Punch 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. On the June 11 edition of Raw, Mr. McMahon returned to evaluate John Laurinaitis' job, but was interrupted by the Big Show, at which point Mr. McMahon announced that if Big Show loses, Laurinaitis would be fired, at which point the Big Show knocked out Mr. McMahon after Cena ducked. On the June 15 episode of SmackDown, Laurinaitis announced the stipulation if Cena loses, he would be fired, at which point Cena knocked Laurinaitis out.
The main event of Raw involved the WWE ChampionCM Punk defending his title in a Triple Threat match against Daniel Bryan and Kane. On the May 18 edition 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.
The main event of the pay-per-view was John Cena (with Mr. McMahon) vs. Big Show (with John Laurinaitis) in a Steel Cage Match. The stipulation of the match was that if Big Show won, Laurinaitis would fire Cena, but if Cena won, McMahon would fire Laurinaitis. The match was dominated by Big Show in the early going. Cena nearly escaped multiple times, but was stopped by Big Show. Cena almost escaped through the door, but this time was foiled by Laurinaitis even after Mr. McMahon tried to intervene, knocking out the outside referee in the process. Big Show then chokeslammed Cena, but Cena kicked out. Big Show then inadvertently knocked out the inside referee with a Knockout Punch that was intended for Cena, who ducked. Show then knocked out Cena as well. Big Show attempted to walk out the door, but was stopped by Brodus Clay, wielding a chair. Numerous superstars from Zack Ryder to Kofi Kingston came out to try to knock Show off the top of the cage; Kingston finally succeeded in this, temporarily stunning Show. Cena then tried to crawl out the door, but Show stopped him. Cena then hit Show with a surprise Attitude Adjustment and climbed to the top of the cage, but was stopped by Laurinaitis, flailing his crutches at him. Clay then came over and subdued Laurinaitis long enough to allow Cena to escape the cage by climbing over the top before Big Show could crawl out the door. McMahon then fired Laurinaitis and Cena wasted no time giving Laurinaitis an Attitude Adjustment through the Spanish Announce Table.