Ok, a few things TNA need to do in order to properly compete.
Get rid of the 6 sided ring. It's fun, but it looks ridiculous, and you can't take the action as adult with something that looks like something from gladiators.
Dim the lights in the arena. Something WCW, ECW and WWE always did during the 90's, have a darkened arena. This adds to the feeling of things being more adult, grungy and allows people to suspend their disbelief. WWE in the 80's and 2000's has been glossy and brightly lit, and you feel like it's a harlem globetrotters show, not a wrestling show.
Have edgier storylines, add controversy, sleaze, sex, whatever. People like these. The entire atmosphere of TNA looks like a gladiators style show, it's bright, not very big and quite silly. Back to the normal ring, make the arena darker, more black than red etc.
Get some good, masked crusierweights to come in for the x-division. The x-division is something any fan will enjoy watching, but people recognise masked wrestlers.
Have an big, long storyline involving Hogan as soon as he comes in. Have him attacked or run over by someone and have months of 'whodunnit?'. It could be Angle for stealing his spot at the top, Nash for just about anything, Flair, Bishoff etc.
Have a regular tv spot in the UK. I genuinely have no idea where, if anywhere, TNA is on. I have to watch it online most of the time, and the UK audience, while obviously not as big as the US, is still an important one.
With WWE now, and for the forseeable future, offering cookie-cutter characters and PG storylines, TNA can capitalise on the more adult ground. If WWE is getting little kids, and is also tied down by their rating, TNA needs to focus on getting teenagers and real wrestling fans.
Bring in a couple of celebrities, but not in a ridiculous capacity like WWE. If Hogan can get some celebrities that people will actually be interested in seeing and use them in a minimal way, then that can gain a lot of extra publicity.
Throw in some more, bloody, high spot matches with weapons etc. There is clearly a lot of old ECW fans out there who like hardcore matches, good spots and quality wrestling, appeal to them. Foley, Abyss, Raven, Stevie, the Dudleyz etc.
Make the main events feel like main events. One of the great things WCW did was hype the shit out of their main events, and made you really excited to see them. The title had prestige, at least for a while, and you were genuinely excited to see the title matches.
release some of the shitter talent, lacey, cody deaner, consequences, don west, kip james (without the outlaws he's awful) and shark boy for a start.
Aim to hire the following: rob van dam, paul heyman either as part of creative or a manager, ken anderson, Sabu, chris hero, Jack evans, London, Kendrick.
They should also try and poach the following from WWE: Matt Hardy, Shelton Benjamin, Carlito, Regal.
Maybe even try and get Brock Lesnar to make an appearance. He's ill so he can't fight for UFC, he might be willing to make a couple of appearances for the right fee. Keep his profile up, earn him some money for doing very little and give TNA a lot of publicity from the UFC fans.
TNA essentially need to concentrate on changing the presentation of the show, having edgier storylines, giving the fans the good moves and matches that they don't get in WWE and bring out some big storylines with big, memorable moments.
They also have to leave the universal studios location. TNA aren't going to sell out MSG or anything like that, and it isn't even that they necessarily need to tour just yet, but move somewhere with a lot of wrestling fans who'll by the product they're selling, like New York. With some real wrestling fans, the product can start to grow, rather than the current problem people mentioned, the fans are often not actually wrestling fans as such, and so don't really care about the events.