kayfabe
The act, situation, or code of portraying staged events, performances, rivalries, etc as authentic or spontaneous.
uncountable
"Jack, Gordon and I were talking about how we heard Ric Flair do an interview where he said there was no such thing as kay-fabe any more," said Blair, referring to the fact most wrestler secrets were exposed in the 1990s.
Similar fakery or suspension of disbelief in other contexts.
figuratively, uncountable
Business historian Fiona A. E. McQuarrie has noted that the concept of kayfabe is not uncommon outside the realm of professional wrestling, as many corporations "formally require their members to maintain public silence on company issues or not to express any explicit criticism of the company, through such means as employment contracts or through contracts governing severance or termination of employment."
Where it comes from
Unknown, but attributed to US carnival slang (carny), usually as a purposefully obscure variant of the admonition “be fake” formed through backslang or mangled pig Latin. Also sometimes attributed to an alteration of cave (Latin for “beware”), keep cavey (“stay alert”), or an eponymous figure named Kay Fabe or Kay Fabian.
Adapted from the Wiktionary entry kayfabe (CC BY-SA 4.0).