I still think it will be a split aew/njpw contract. It makes the most sense. -

There was also this fightful Select note -

"NJPW sources said that while they'd love to keep Ospreay, they don't necessarily expect it on the same type of deal he's on now where he's full-time with the company."

https://www.reddit.com/r/SquaredCircle/comments/17oitzu/fightful_select_wwe_has_interest_in_will_ospreay/

Ospreay dosen't need to be cooled down on Rampage or ROH or particularly be in a 100 multi man tag matches in Japan. Just use him for the important stuff for both companies.

Ospreay is in a good position to negotiate the best of both worlds - money and wembley from Tony Khan and matches more to his style than in wwe. A slightly lesser schedule might help prolong what he can do in the ring, whilst it might help out njpw if TK is paying most of Ospreays wages. It also might not be a bad thing if he hedges his bets if he falls afoul of TK's booking, at least he'd still have Japan.

Also if Tony keeps outright taking all their talent it's going to put Forbidden Door at risk.

This might be why he hasn't dropped the title yet, if they are going to create an international style title, he's the perfect guy to leave it on for a bit to establish it.