Brock Lesnar vs. Eddie Guerrero for the WWE Championship
After featuring both RAW and SmackDown Superstars in 2003, 2004 saw No Way Out become a SmackDown-excusive event. After RAW's Batista won the Royal Rumble Match, Eddie Guerrero won a 15-Man Mini-Royal Rumble on SmackDown to earn a shot at Brock Lesnar's WWE Championship, an opportunity he cashed in on at No Way Out.
Early in the match, Brock used his power and size advantage to keep the challenger at bay, but Eddie would later be able to use his speed to turn the tide. Eddie decided to work the champion's leg in an attempt to keep him from a vertical base, using a wide array of submission maneuvers to wear down Lesnar. The champion was able to power out every time, and managed to avoid Eddie's first attempt at the Frog Splash as well.
After the missed Frog Splash, Lesnar went for the F-5, but the referee was knocked out in the process. Brock then tries to use his championship belt, but Goldberg ran in and delivered a spear to the champion. Eddie then tried to use the belt, but Lesnar ducked and got him in position for another F-5. Instead, the challenger countered into a DDT, and Lesnar's head landed directly on the championship. With the referee recovered, Eddie scaled to the top rope and hit his Frog Splash, earning the three-count and the victory to win the WWE Championship.