WWF No Mercy lets you try to win seven different championships with your own story for each one. You can play through your story again and again to defend your title. If you finish a story successfully, you'll unlock the championship you were competing for in Exhibition mode, where you can fight for it however you like.
You can compete with up to four players in different modes, including cage fights and pay-per-view events. You can also create your own event and try to win championships that you unlocked earlier in Championship mode. Some matches take place outside the ring, in one of four different locations behind the scenes.