How would I, given the chance, innovate wrestling? Change the landscape?
First thing I do, monthly PPV's would be a thing of the past. Bi-monthly PPV events would start as soon as possible. Ever since the mid-nineties, monthly shows have been all the rage. Not anymore. It really doesn't help anything doing it monthly, and changing it to bi-monthly could help build feuds.
Secondly, more entertainment. No, I don't mean bands, actors, and guest stars. I don't mean creating an action soap opera instead of wrestling. I mean, people use wrestling as a escape. They would not watch it if they didn't like to suspend belief. So, instead of trying to pass myself of as entertainment instead of wrestling with bland personalities that are just real people, I would intertwine those larger than life characters with gimmicks and personalities. Where are the rock stars, the goths, the nerds, the guidos, the vampires, the hippies? Some people are actually like this so lets create them in wrestling. It's kind of how wrestling is an extension of real life personalities, let us add the personalities that may exist, may not exist, either way, they aren't seen much in real life and seeing them is a way to escape real life. present something for everyone. Since the 2000's started, this hasn't really happened much and the only big ones around today are Kane, Undertaker, and to an extent Jeff Hardy if you stretch it a little bit. It has been a lost art for too long.
Also, experiment with new concepts and storylines. Do something funny yet serious for once. Bring in a new concept and test it. Test a new concept for one night only, something fun.
In other words, by innovating professional wrestling I would take it back to the nineties, to an era sort of like that Attitude Era: except this era will have actual good wrestling, tasteful storylines, and less garbage.