So far all we've gotten is choose 1 name and go with it, but they just recently announced you can choose up to 4 different names from a pretty large list. Here is the list apparently. Maybe not a full list. 
 
A
Aaron
Abs
Ace
Action
Adams
Akane
Akira
Alan
Alexander
Ali
Alice
Alien
Alpha
Amateur
Ambiguous
American
Andersen
Andrew
Angel
Angus
Arcade
Arch
Archangel
Asian
Azrael

B
Baby
Bad
Bailey
Baker
Balmer
Barbarian
Barnett
Bart
Bear
Bell
Belt
Ben
Bernie
Big
Biker
Bill
Bison
Black
Blade
Blank
Blizzard
Blue
Bob
Booger
Bouncer
Boy
Brawler
Brian
British
Brittany
Brody
Brooklyn
Brother
Brown
Bruce
Bruiser
Bryant
Buggy
Burglar
Buster

C
Caffeine
Campbell
Canadian
Captain
Carter
Cassidy
Cat
Champ
Chang
Chef
Chen
Chet
Chief
Chimera
Cho
Chris
Chuck
Clarence
Clark
Cliff
Clinton
Cloud
Cobra
Cockroach
Coconut
Cole
Colin
Colt
Commander
Communist
Convict
Cooper
Cop
Corporate
Corpse
Cory
Cowboy
Crack
Craig
Crazed
Crazy
Crimson
Crocodile
Cruise
Crusty
Cyborg

D
Daddy
Dallas
Dan
Danger
Daring
Dark
Darrell
David
Davis
Deal
Defector
Devon
Dinosaur
Dirty
Disaster
Diva
Doc
Doctor
Dog
Dojo
Dominator
Don
Double
Dublin
Duke
Dynamite

E
Eagle
Earl
East
Eater
Ed
El
Electric
Eliminator
Emerson
Eric
Expert
Eye

F
Falcon
Fanboy
Fast
Fisher
Flying
Fool
Fox
Franco
Frank
Freaky
Frenchman
Funky
Funny
Future

G
Gabe
Gaming
Gangster
Garcia
Gary
Gates
Genius
George
Ghost
Giant
Gilbert
Girl
God
Gold
Golden
Goldman
Gonzales
Good
Goth
Grabber
Graham
Grandma
Grandpa
Grave
Gray
Great
Green
Greg
Griffin
Grime
Grizzly
Groovy
Gun
Guy

H
Hacker
Hammer
Hammett
Harris
Harry
Heavenly
Heavy
Henry
Hero
Hideous
Hill
Holly
Hollywood
Homer
Hood
Hooligan
Howard
Hugh
Hundred
Hunter

I
Ian
Icon
Icy
Iron
Irritating

J
Jack
Jaguar
Jake
James
Japanese
Jay
Jefe
Jeffrey
Jesse
Jessica
Jester
Jet
Jim
Jimmy
Jin
Job
Joe
John
Johnson
Jones
Jordan
Josh
Judge
Judo
Jun
Just
Justice
Justin

K
Karate
Kareem
Keith
Ken
Kendo
Kevin
Killer
King
Kirk
Kisser
Kitty
Kline
Kobayashi
Korean
Kowalczyk
Kurt

L
Lance
Lassiter
Lauren
Lee
Legend
Leon
Lewis
Liam
Lightning
Lilith
Log
Long
Lopez
Lovecraft
Lover
Lunatic
Lurking

M
Macho
Macleod
Madman
Magic
Majestic
Malcolm
Mall
Man
Maniac
Manly
Mantis
Marcus
Mark
Marshall
Martin
Martinez
Marty
Masked
Master
Mastodon
Matsuda
Matsumoto
Maverick
Max
McDonald
McGregor
Mechanic
Mega
Member
Men
Mercer
Metal
Meticulous
Mexican
Mick
Mike
Miles
Miller
Mime
Mini
Mitchell
Mommy
Monkey
Monster
Moore
Morgan
Morris
Mortal
Motor
Mr.
Mrs.
Ms.
Mummy
Murphy
Muscle
Mutant

N
Natural
Navajo
Nelson
Nerd
New
Nightmare
Ninja
Nitro
Noah
North
Nose
Nut

O
Octopus
Old
Oliver
Olympian
Omega
Oozing
Orange
Otaku
Outlaw
Owen

P
Pain
Palmer
Panda
Panther
Park
Parker
Pastor
Pathetic
Pathological
Patriotic
Paul
Penguin
Perez
Peter
Phantom
Phenom
Pierre
Pirate
Playboy
Poker
Powell
Prince
Princess
Pristine
Pro
Professor
Purple

Q
Queen
Quinn
Quitter

R
Rabid
Ralston
Ramirez
Randy
Real
Red
Ricardo
Richard
Rick
Riley
Ring
Rivera
Robinson
Rocker
Rocky
Rodriguez
Ronald
Roy
Russ
Russian
Ryan

S
Sam
Samoan
Samurai
Sanchez
Santos
Sapp
Savior
Scorpion
Scott
Scottish
Screaming
Sears
Senator
Sensation
Sergeant
Sergio
Serpent
Seth
Sexy
Shane
Shaw
Shawn
Show
Shrinker
Silent
Silva
Silver
Sister
Skater
Skinner
Slate
Small
Smasher
Smith
Smoking
Sniper
Snow
Sokolov
Soldier
Sophia
Soul
South
Soviet
Spectacular
Stalker
Stallion
Star
Stephen
Steve
Stick
Storms
Street
Strong
Stunt
Submission
Sue
Sullivan
Sunshine
Superstar
Surfer
Surgeon
Suzuki

T
Tank
Tattooed
Taylor
Teacher
Technical
Ted
Teenager
The
Terror
Thief
Thighs
Thing
Thomas
Thompson
Thousand
Thunder
Tickler
Tiger
Tiny
Todd
Tokyo
Tom
Tony
Tornado
Torres
Toy
Trevor
Triple
Trouble
Troy
Turner
Turtle
Twin

U
Ugly
Ultimate
Ultra
Uncle
Unstoppable

V
Vega
Victor
Viper
Virtual
Voodoo

W
Walker
Wall
Walter
Warden
Warlock
Washington
Watson
Wayne
Webmaster
West
Whiny
White
William
Williams
Williamson
Wilson
Witch
Wolverine
Wrestler

X
Xander

Y
Yama****a
Yap
Yellow
York
Yosef
Young
Youngblood 
 
So apparently you can mix up to 4 of these together to make your name.

The thing for me previously has always been that you could only pick one call name rather than the limited list. If you can pick multiple call names that'll be good as long as the raising of the voice is correct avoiding Smackdown 2 syndrome; The Undertaker hits THE LAST RIDE! THE LAST RIDE!

So I can call my character XKCD if I want to?

damn. there's no Ajay.. or even AJ. 

I wonder what it will sound like if you put together Chris, Ben and Wall.

Despite the fact that I haven't cared about a wrestling game since 1997, this has almost piqued my interest. I love fleshed out character creation anything.

SEEEEEEEEEEEEEEXY TOOOOOOOOOOOOKYOOOOOOOOOOOOO

"Mexican"? YES! Can you see all the great possibilities?

I keep waiting for a game that has "Weatherman". Always disappointed.

@CL60 said:

I wonder what it will sound like if you put together Chris, Ben and Wall.

If you match him up against CM Punk for a world title, he's deleted from your game save and nobody ever references him again.

That would be awesome for all the wrong reasons if the audio clips actually meshed together properly in that case.

Ronald McDonald, Mega Man.... and Lovecraft?  That's an impressive list.

Dirty Convict Uncle would be a fun one.

So how about hometowns? Are there going to be more hometowns that can be announced besides the WWE roster's hometowns? I'll probably just stick with "Parts Unknown" anyway.

"Mexican"? YES! Can you see all the great possibilities?

Finally! Scott Octopus will LIVE ON 
 
Also, Mega Man!

This game can't get  here any sooner.

@TheGreatGuero said:

"Mexican"? YES! Can you see all the great possibilities?

Even better. A Dirty Mexican. Totally going online with that.

I can finally make a wrestler called Bruce Campbell. Fuck yes. Also? Wayne Campbell!

@CL60: Good to know that I'm not the only one who still cares about his ring work.

@EveretteScott said:

@TheGreatGuero said:

"Mexican"? YES! Can you see all the great possibilities?

Even better. A Dirty Mexican. Totally going online with that.

Ha, harsh, man. I was going to come up with something cool. Like Harry Mexican Thighs or something.  Dude, you can be "The White Russian"! Awesome. No "Dude", though, unfortunately.

I can't wait to make Sergio The Dirty Mexican.

He's going to be awesome.

The Undertaker hits THE LAST RIDE! THE LAST RIDE!

Hopefully it's less disjointed than it was in Raw 2.

"The.. CRAZY..white! Panther.."

Ahhh my real name is in there, very good.

Liam British Bison Brown has a nice ring to it.

Just need some M.Bison clothes and the ability to paint them in the British flag.

Grandpa "Danger Dog" Lassiter and The Tiny Uncle Tickler will finally have their day in the spotlight!

And still no 'B.J.' or 'Duane'. For fucks sake, not even Dwayne like The Rock. Hell, D-wayne or D-shane would've been nice.