Old joke, based on how Val Venis, for a good few months in late 04 (i think) was the jobber du jour for damn near everybody, and I'm sure there was a good chunk of the IWC that hated how he was being used at that time given he had shown potential in the "Chief Morley" role. So, when coming back from commercial to show Val in the ring waiting to be destroyed, "Not Val Venis!" became a catchphrase.
I want to say it started at one of the ill-fated OAO Boards during that debacle, but I enjoy running things into the ground. I don't get any real chance to use it now though, considering how little Val is used on TV these days.