What can fans expect?
If the UFC gig doesn't work out, and it most likely won't, Punk may return to identifying as a pro wrestler again. He could be found at conventions or even headlining Indy shows as a huge draw. Fans may even see him turn up in New Japan Pro Wrestling or even Ring of Honor for the right price.
The day may also come when enough time has passed that CM Punk comes back into the WWE fold for an appearance or two in a legends segment, or as a surprise Royal Rumble entrant in his late 40s. He may even surprise us and work something out for one last WrestleMania match down the road, and the WWE Hall of Fame could even be in his future.
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But anyone hoping to see another full-time run by the former champion and two-time Money in the Bank winner is setting themselves up for disappointment. Those days are gone.