The biggest storyline for No Way Out was when Vince McMahon revealed that he would unleash the New World Order (nWo) upon the World Wrestling Federation in an attempt to "kill (his) creation". Ever since he had become (kayfabe) equal ownership partners with Ric Flair in November 2001 (after Survivor Series), he had gone to great lengths to try to undermine Flair, which led to the angle. McMahon promised that he would not bring the nWo in if Flair agreed to sell his fifty percent stake in the WWF back to McMahon. Flair refused to sell, leading McMahon to reveal several vignettes over the next several weeks with Hollywood Hulk Hogan, Scott Hall, and Kevin Nash, the three original members of the nWo in World Championship Wrestling, appearing as McMahon's hired guns.

After defeating Kurt Angle on the January 28, 2002 episode of WWF Raw, Stone Cold Steve Austin earned a match at No Way Out for the Undisputed WWF Championship against champion Chris Jericho, to whom he had lost in the finals of the tournament to crown the first undisputed champion at Vengeance the previous December. Jericho had just retained the title against The Rock at the 2002 Royal Rumble. Afterward, he successfully defended the title again against Maven on the same night where Austin earned a title shot. Jericho and Austin spent the weeks before No Way Out getting back at each other, including a segment where Jericho knocked out Austin and poured beer all over him. On the February 14 episode of WWF SmackDown!, after Jericho got himself disqualified in his non-title match against Kane, Austin retaliated by assaulting Jericho then finished off Jericho with the Stone Cold Stunner then poured beer all over him.

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