I think the ring attire has something to with the personality or gimmick of the wrestler.
Maybe it's a safety thing that there cant be to much variation in the ring attire. I think the whole skin tight leotard thing comes accross as a little gay sometimes. I cant take guys like Triple H, Randy Orton etc. seriously cause they are trying to be tough and staunch but wearing little undies and nothing else in the ring. It kinda loses its appeal.
There are basically I think only 5 options when it comes to wearing something in the ring.
1. Underwear- Perhaps the most common attire in all of sports entertainment, underwear has been worn by everyone from Hulk Hogan to Chris Jericho to John Cena to HHH and etc. It is often worn by those who wish to emphasize their manliness. What does that mean? Look at Chris Jericho now with the briefs. He looks way bulkier with them than when he wore tights. So if you want to show how manly you are and how powerful you are then you should wear Underwear.
2. Tights- Tights suggest a more agile/ technical style. Most cruiserweights wear tights. Undertaker now wears tights after wearing pants and he has looked even more agile than he used to. Tights are also usually worn by wrestlers whose heel/face turns usually come about psychologically rather than pyshically, eg a change in personality. So if you want to look fast and mobile then wear tights.
3. Pants- Pants is a popular unorthodox clothing piece. Who wears them? Undertaker in his Badass, Big Evil persona, The Hardy's, Dudley Boys, HBK. All wrestlers with larger than life gimmicks, outlandish ones. So pants can make you look really cool since you look different to other wrestlers when wearing them.
4. Shorts- Shorts is similar to pants but a bit lamer since most sportspersons wear shorts.
5. Tarzan style, strapped leotard thing - ala Kurt Angle, Big Show, Andre, etc.
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