The 2016 Payback was the fourth annual Payback professional wrestling pay-per-view (PPV) and livestreaming event produced by WWE. It took place on May 1, 2016, at the Allstate Arena in the Chicago suburb of Rosemont, Illinois, and was the third Payback held at this venue after the 2013 and 2014 events. The event is considered by WWE to be the first PPV event of The New Era and was the last Payback event to take place before the reintroduction of the brand extension in July. The theme of the event was wrestlers seeking payback against their opponents.

Eight matches were contested at the event, including two on the Kickoff pre-show. In the main event, Roman Reigns defeated AJ Styles to retain the WWE World Heavyweight Championship. In other prominent matches, Dean Ambrose defeated Chris Jericho, The Miz defeated Cesaro to retain the Intercontinental Championship, and in the opening bout, the tournament final to determine the number one contenders for the WWE Tag Team Championship, which was contested between Enzo Amore and Colin Cassidy against The Vaudevillains (Aiden English and Simon Gotch), ended in a no contest.

Critics gave mixed reactions to the event, criticizing WWE for promoting the event as the start of a "new era" while employing several storylines they had been using since the Attitude Era. Special criticism was reserved for a re-enactment of the Montreal Screwjob at the end of the WWE Women's Championship match. This event also featured Ryback's final appearance in the company as he was released in August 2016.