The 2006 No Way Out was the eighth No Way Out professional wrestling pay-per-view (PPV) event produced by World Wrestling Entertainment (WWE). It was held exclusively for wrestlers from the promotion's SmackDown! brand division. The event took place on February 19, 2006, at the 1st Mariner Arena in Baltimore, Maryland. The official theme song was "Deadly Game" by Theory of a Deadman.

The main event saw Kurt Angle defend his World Heavyweight Championship against The Undertaker. Angle won the match after reversing a Triangle Choke into a jackknife cover. One of the predominant matches on the card was Randy Orton versus Rey Mysterio for Mysterio's world championship match at WrestleMania 22. Orton won the match with a roll-up while using the ropes for extra leverage. Another primary match on the undercard was Booker T versus Chris Benoit for the WWE United States Championship, which Benoit won after forcing Booker to submit to the Crippler Crossface.