Kayfabe: /ˈkeɪfeɪb/ In professional wrestling, the portrayal of staged events as “real” or “true.” The term came from the carnival world, where – according to TV Tropes – it is thought to have originated as Pig Latin for be fake. (According to my sources, its original pronunciation would thus have been kee-fabe. No, this doesn't make sense to me, either.) From the TV Tropes entry:
Professional Wrestling adopted the term as a reference to the standard Fourth Wall features of separating the audience from the action. It is meant to convey the idea that, yes, pro wrestling is a genuine sport, and yes, this is how these people act in real life. It is essentially Willing Suspension of Disbelief specifically for pro wrestling.
I’m not a wrestling fan, so my first encounter with kayfabe occurred earlier this year in an unexpected context: the presidential primaries. Specifically, the Donald Trump campaign.
This pissing match between Donald Trump and Fox News over Megyn Kelly just REEKS of kayfabe.— Charles Johnson (@Green_Footballs) March 19, 2016