The bitter rivals attempted to settle their differences in a traditional wrestling bout on Tuesday after they battled it out during an Unsanctioned match in April.
Cole taunted O'Reilly during the highly-competitive match and was able to land a Panama Sunrise on O'Reilly outside the ring. Cole was then able to dodge a diving knee from O'Reilly and performed The Last Shot, but it wasn't enough.
O'Reilly recovered and blocked a second Panama Sunrise with his injured knee, causing him pain. This allowed Cole to land another Panama Sunrise followed by a Second Last Shot in order to win the match.
Also at WWE NXT: Great American Bash, Tegan Nox returned after being away for months due to an injury. Nox arrived onto the scene as Candice LeRae and Indie Hartwell of The Way defended their NXT Women's Tag Team Championships against Io Shirai and Zoey Stark.
Nox's return included the lights in the arena briefly going out. The distraction allowed Shirai and Stark to take out both LeRae and Hartwell to become the new NXT Women's Tag Team Champions.
Nox brawled with LeRae and landed multiple punches before chasing her out of the arena. Hartwell was later picked up by her crush, Dexter Lumis.
Knight gained the upper hand when he performed a DDT on Grimes outside the ring that sent Grimes face-first into the Million Dollar Championship.
Grimes then stumbled back into the ring where Knight nailed him with the BFT in order to win the match and gain a new butler.
Other moments from WWE NXT Great American Bash is MSK successfully defending their NXT Tag Team Championships against Tommaso Ciampa and Timothy Thatcher; Samoa Joe being named the special guest referee for Karrion Kross vs. Johnny Gargano for the NXT Championship next week; and Hit Row celebrating Isaiah 'Swerve' Scott winning the North American Championship by holding a rap cypher.