The answer about a lawsuit is that it depends. The use of your likeness and your trademark will implicate trademark law. An investigation will need to be made to determine who owns any trademark for your name (character) and if any registrations have been made. Then, we would need to see about what rights may have bee assigned to the (WWF and its successsor, WWE). Most times the wrestlers signed away their rights to their names (think Dwayne Johnson [who got to use his name "the Rock" for his first couple of movies, but in return, Vince was an Executive Producer]). An exception was athletes like Steve Austin who contractually retained the rights to his name. So, there may be a lawsuit, it may be that we discover the contracts that were signed giving them the rights. There would at least be an answer.
This answer is for general informational purposes only and is not intended to constitute legal advice or a recommended course of action in any given situation. This answer is not intended to be, and should not be, relied upon by the recipient in making decisions of a legal nature with respect to the issues discussed herein. The recipient is encouraged to consult independent counsel before making any decisions or taking any action concerning the matters in this answer. This answer does not create an attorney-client relationship between the author (John R. LaBar)/Henry, McCord, Bean, Miller, Gabriel & LaBar, P.L.L.C. and the recipient.
Answered on Jul 20th, 2015 at 2:05 PM