The championship tournament started on January 21, 2015 and there would be a new #1 Contender for the title. The tournament final was held on February 11, 2015 at NXT Takeover IV. Finn Balor won the tournament by defeating Adrian Neville in the final.
| Quarterfinals | Semifinals | Final | |||||||||||
| 1/21 | Finn Balor | Pin | |||||||||||
| NXT | Curtis Axel | 4:55 | |||||||||||
| 2/4 | Finn Balor | Pin | |||||||||||
| NXT | Hideo Itami | 12:03 | |||||||||||
| 1/21 | Hideo Itami | Pin | |||||||||||
| NXT | Tyler Breeze | 12:55 | |||||||||||
| 2/11 | Finn Balor | Pin | |||||||||||
| Takeover | Adrian Neville | 13:25 | |||||||||||
| 1/28 | Adrian Neville | Pin | |||||||||||
| NXT | Tyson Kidd | 12:43 | |||||||||||
| 2/4 | Adrian Neville | Pin | |||||||||||
| NXT | Baron Corbin | 5:28 | |||||||||||
| 1/28 | Baron Corbin | Pin | |||||||||||
| NXT | Bull Dempsey | 1:32 | |||||||||||