Edit: As of v1.06 most of these set ups are significantly less effective due to Ares new wake up options
I had a longer video with me talking and explaining everything and showing how you could do it on reaction but for some reason the audio disappeared multiple times so I cut it down to this.
Basically how it works is that on a lot of knockdowns the opponent(as far as I know every single character in the cast can do this, not just WW) can go for a throw if Ares wakes up the opponent will recover from the throw fast enough to punish whatever wake up Ares does.
If Ares Godsmacks you can jump out and full combo punish.
If Ares teleports you can d1 or 1 for a combo punish.
If Ares does Phase Shift(invisibility) the throw will get him but he can tech it.
If Ares does fireball he'll get thrown and it will be untechable
If Ares doesn't wake up he has to tech a throw.
Basically this make it so that after any knockdown that leaves Ares on the ground next to his opponent he can't wake up and he has to tech a throw.
There's also character specific set ups that are as good or better. Here's one for Nightwing that guarantees him d1 pressure in Staff Stance (which is good for him because he doesn't want to go for a throw since it changes stances and makes space).
Here's one for Black Adam.
Also, here's what Bane players call Aug tech. It doesn't blow up all Ares wake ups like the other set ups, but I was messing with it and had a recording so I figured I'd post it.
Thanks to Eminent for helping me record these.
Post anymore set ups if you know them. I think Joker and Lex both probably have some pretty nasty set ups to blow up Ares wake ups.
Video/Tutorial Countering Ares's Wake-Up Attacks - Tutorial by 4x4lo8o