I love this angle, and if done correctly, it can come out awesome. Noone in TNA's roster is better than AJ for showcasing the company. So, AJ would comply with his on-screen responsibilities on Impact, making Dixie sweat but (kayfabe) refusing to give AJ a new contract. AJ does what it takes to keep the belt, doing a belt defense once a month, but at the same time, freelancing in the indies and maybe Japan as well, showing up with the title. If TNA can make a deal with different promotions for having AJ show up and wrestle all over the place, that would give TNA really good exposure.
Best thing would obviously be showing up on WWE Raw and kicking someones ass, but Dixie would have to have compromising pics of Vince being naughty with Ric Flair or something to make that happen :woolcock
But, maybe NJPW, ROH, AAA and that new one they have a deal with which I can't remember the name of atm.
Forget what TNA could legally do to AJ if it was true that he didn't have a contract and shows up everywhere with the belt. This is marketing GOLD!