WWE NXT: Full Preview, Rumors and More for January 21

Welcome to Bleacher Report's preview for this week's episode of NXT on the WWE Network. Spoilers are already out there, but if you want to know what will happen without learning the match results, you're in the right place.

The Royal Rumble might be the big story in WWE right now, but down in developmental, it's all about the quarterly TakeOver live specials.

It's been six weeks since R Evolution, which means another event is right around the corner. This week's show should give us some idea about what feuds will fill up the card.

Let's take a look at what's on tap for Thursday's episode of NXT.

The Women

Adding one more to their series of matches, NXT women's champion Charlotte will take on her former ally and best friend, Sasha Banks.

These two have put on one great performance after another. Each of them brings something different to the table, and spending as much time together as they have has allowed them to build a good chemistry.

Banks has had a few shots at the title, but she has fallen short each time. A victory here could earn her another title shot, and since the next TakeOver special is just a few weeks away, it would make sense to determine the No. 1 contender now so WWE can build the feud properly.

Another factor here is Bayley. The bubbly fan favorite is still eying her time with the belt, so it's possible she could also end up involved in a future title match.

The women of the developmental system have been shining brighter than the Divas on the main roster for a long time. Banks and Charlotte should have no problem continuing that trend.

The Tag Teams

With Sin Cara doing some work on the main roster recently, officials gave him a little break this week by having The Vaudevillains battle Buddy Murphy and Wesley Blake.

Simon Gotch and Aiden English looked like very good candidates to win the tag titles, but The Lucha Dragons were able to fend them off.  Winning this match could get them back on track to another title shot.

On the other hand, Blake and Murphy have been making big strides over the past few months. They haven't been racking up the wins, but they have been performing at a high level for some time.

Should they defeat the former No. 1 contenders, it should put them right in line for a shot at the championships currently held by Kalisto and Sin Cara.

Just like with the women, setting up a tag title feud that will lead to a bout at TakeOver needs to happen sooner rather than later, making this almost an unadvertised No. 1 contenders match.

The Men

This week will see the beginning of a tournament to crown a No. 1 contender to Sami Zayn's NXT Championship.

It will be a typical three-round setup with some of the best and brightest NXT stars fighting for their chance at the gold.

The first bout in the tournament will feature Finn Balor taking on Curtis Axel. Mr. Perfect's son recently asked William Regal for a second chance in NXT, and it looks like he got what he wanted.

Balor is still new to NXT, but he has already made a huge impact with his exciting style and the unique look he presented at R Evolution.

Axel has never really taken off, but he has always been technically sound. This should be a great match between two talented grapplers.

Seeing as Balor is being positioned as a top star right out of the gate, it seems likely that he will win, but if the powers that be have other plans for him, we could see Axel score an upset victory and advance to the next round.

Another match from the tournament will see Hideo Itami battle Tyler Breeze in what is sure to be another entertaining encounter.

Breeze has been sitting on the sidelines ever since falling out of the NXT title scene, picking up a random victory here and there but never really gaining momentum.

This could be his chance to get back on the horse and ride his way to another main event feud, but the man he is facing is not someone to be overlooked.

Itami, like Balor, is being touted as a huge acquisition and being given a big push in the developmental system. Having him lose in the first round of this tournament seems unlikely given his current position.

As we inch closer to the next live special, the top feuds will start to come into focus. Hopefully, next month's show manages to live up to the previous TakeOver events.

What are you looking forward to on this week's episode of NXT?

Thanks for reading, and follow me on Twitter @BR_Doctor.