Professional wrestling is a hybrid of many things, and a critical failure in any one of those things would kill it. It is a live touring show, it is an athletic performance, it is live dramatic theater, it is weekly episodic television. And, of course, it is a business. If any of those factors fail badly enough, the entire enterprise collapses. As there is one dominant wrestling company, there is one point of failure that could bring the whole industry down.
Right now, it is an ecosystem centered around one company, WWE. Everyone else in the US is ultimately dependent on WWE. The talent starts out dreaming of WWE stardom. The fans start out as WWE fans. The investors think that they can get in on a piece of the WWEs pie. Spike TV is supporting TNA because they think they have a shot at getting WWE/WCW level audiences.
Think of it as an ecosystem. Young aspiring wrestlers almost all start out aspiring to reach the pinnacle, which thirty years ago was the local territory. Remember, territories werent indy feds as we know them--they ran their big shows in major league arenas, they were on legitimate TV when there were only four or five channels per city. Ten years ago that pinnacle would have been WWF or WCW, or a mix of both according to the fantasy. Today, a kids first dreams of wrestling glory are of headlining Wrestlemania and being the next John Cena, end of story. As he gets older and more savvy, he may move on to other dreams of being the next Chris Daniels or Jimmy Jacobs, but in his embarrassing hidden past is a John Cena fantasy.
WWE TV programming is the gateway drug, what the newbie wrestling fan starts with. All other wrestling companies draw their audience either from the WWE fans who want more or from ex-WWE fans. ROH, TNA, local independentstheir crowds and supporters all started out as fans of either WWE or (if theyre old enough) WCW or a territory.
So if, somehow, WWE were gone tomorrow, that all collapses. Athletic, charismatic kids dream and follow different, non-wrestling related dreams. Boys follow UFC and DragonBall Z or whatever instead of Raw or Smackdown. The tradition dies as it is not handed down, petering out with sad spectacles like the Australian Hulkamania tour, curious relics of a strange past. (Why did that HHH man put that other man's head between his legs before dropping to his knees? How is that supposed to hurt, Daddy?)
Lets run a thought experiment. I dont think that what Im about to say is possible because WWE is a publicly traded stock with honest financial numbers that get checked by independent sources, but that didnt save Enron or WorldCom or Citbank. So here goesimagine that WWE has been secretly losing $20-40M a year since 2003, and lost $100M last year. That wipes out their cash cushion, and when that comes out theres an SEC investigation. Vince, Linda, Stephanie, Shane and Hunter are out of the company and on an SEC blacklist and spending lots of time with very expensive lawyers. The shareholders have been defrauded, the stock is worthless as the company owes a lot of vendors and partners money that it doesn't have.
Usually when something like that happens, related companies who would lose money from a liquidation step in. What company outside the wrestling world has enough at stake to step in and try to run WWE, or fund WWE while someone else runs it, even on a temporary basis? Whos going to lend the bankrupt, Michael Hayes, Jim Ross and Dusty Rhodes-run WWE the money to operate temporarily? WWEs biggest corporate partner is NBC-Universal (USA Network), and USA got along just fine for five years without WWE. Theyd like WWE Raw to stay on the air, but theyre not going to bet tens of millions of dollars on catching that flaming piano falling from the building.
MyNetworkTV has less than a year left on their Smackdown deal, and Id liquidate MyNetwork TV before my conglomerate assumed responsibility for WCW-style operating losses. WGN would go back to showing Green Acres or whatever the hell they put on at 8pm before Superstars. No arena or group of arenas depends enough on WWE shows to make that much difference. The PPV providers would take a hit, but theyre spread out between every cable company in the US in a complicated network not conducive to taking this kind of risk.
So WWE goes down hard. The talent can't be paid, the shows get cancelled. Titan Towers is sold. The tape libraries and trademarks are up for grabs in the bankruptcy auction. They could be sold as a block or in pieces, depending on who wants them for how much. If Im TNA I want the whole package, but how much cash can they put up? USA network may want the Raw name and the WWF/WWE archives and trademarks. Disney may make a bid to put the stuff on ESPN Classics. Maybe bidders I cant think of.
Can anyone put Humpty Dumpty back together again and run a national wrestling promotion? People would try. TNAs ratings would go way up, as they move to Monday nights and sign whoever they want to, inheriting at least some of the audience automatically. Maybe USA network would try to put Raw back together under new management. Dwayne Johnson might sell his bosses at Disney on a huge opportunity to get into a kid-friendly market for Marvel TV, a boys 6-12 focused channel under the Disney umbrella. Heymann, Bischoff, the Jarretts, Sapolsky, Cornette are all more or less available to run things. Maybe MTV would take a third crack at a pro wrestling show after Heat and WSX, something dark and violent and all to run at midnight or something. But the cable conglomerates will not be tolerant of big losses in a quest to become a player in an industry that just went belly up.
Would anyone be able to simultaneously produce a live arena show, television broadcasts and a weekly episodic action drama without losing so much money that the billion-dollar corporations in charge pull the plug? While building essentially a new company from scratch? Hiring talent with no real idea how much revenue WWE stars are going to produce outside of the WWE machine? Attracting TV audiences while breaking in new writing staffs? (Thats much harder than keeping an audience.) Running live events with starting-from-scratch production crews?
Thats a lot of vases to juggle.
Vince McMahon may be Emperor Palpatine, but there is an argument to be made that the real future after Return of the Jedi was not a happy hold-hands-and-return-to-the-Republic, but a hundred-sided civil war between every Imperial officer bold enough to call himself Emperor.