The high-stakes contest took place in the main event on Wednesday, which served as night two of the Great American Bash. Cole was without his Undisputed Era teammates who helped him win matches in the past.
Cole gained the upper hand against Lee once the fight spilled out to the ringside area. Lee charged at Cole, who dodged him and sent The Limitless One crashing into a plexiglass barricade.
Lee, back in the ring, was somehow able to survive Cole's Last Shot and the Panama Sunrise. Cole attempted a second Panama Sunrise but Lee caught him and delivered a thunderous Spirit Bomb.
Lee then quickly unleashed the Big Bang Catastrophe to win the match and become the first ever NXT and North American Champion. Lee celebrated in the ring with both championships as confetti filled the arena.
Karrion Kross and his partner Scarlett were seen watching Lee celebrate from afar, teasing that Kross could be Lee's next opponent.
The battle even extended into the catering area. LeRae was able to blind Yim with a fire extinguisher but Yim responded by Dropkicking LeRae through a table.
LeRae, back inside the ring, fought Yim on a table that was placed atop the turnbuckle. The Poison Pixie performed a Swinging Neckbreaker onto Yim, sending them both crashing onto a pile of chairs. LeRae was then able to pin Yim to win the hard-fought match.
Other moments from WWE NXT included Bronson Reed defeating Tony Nese; Johnny Gargano defeating Isaiah 'Swerve' Scott; Mercedes Martinez defeating Santana Garrett; and Legado del Fantasma defeating Drake Maverick and Breezango.