In July 2021, AEW filed to trademark "King of Harts" with this originally planned to be the tournament name for the recently announced Owen Hart Cup Tournament.

Dave Meltzer of Wrestling Observer Newsletter noted that AEW President Tony Khan liked the  idea of either the Owen Hart Cup or ‘The Owen,’ which is the name of the trophy.

It has since been revealed that the trademark of "King of Harts" was secured to give to Owen's widow Martha Hart as a gift.