WWE isn't delusional but Vince is...
Vince has this notion that he is the king of an "entertainment empire" rather than a wrestling promotion with some side-projects. It's not new, he's had it for a long time but the reality is everything he has touched outside of his core business basically turns to shit. WBF, XFL, WWE films in the main have not performed as hoped or bombed, this is ironic considering his "we make movies" bravado in Beyond the Mat.
It's actually gotten to the point where Vince's focus has been on other stuff for so long that he seems to have lost his touch, forgotten how to be a good wrestling promoter. He's more worried about Cena shirts than Cena matches. That is dangerous.
While Hunter is there at least you know the wrestling side is being "looked after well" but Vince could easily decide one day "it's not working" and try to move him off that project.
In terms of MNF it's not competition because Wrestling is a unique product when pitched right, it's how it got 9m viewers+ during the Monday Night Wars... but when Wrestling is presented as a soap opera as WWE does now then the competition isn't Monday Night Football, but Days of Our Lives, Eastenders and other soaps... the delusion is that the current product is anything else than a male driven soap set in a wrestling promotion.
If WWE is to compete with true entertainment, MNF or the like it has to be a Wrestling promotion that has all the razzmatazz (not even heard that word for years) but a legit sporting bias.
Again it's not about total viewers here...it's the teen age demographic that the NFL does well in that happens to be the target demo of WWE. Although back in the late 90s it was the The NFL & MNF that were complaining about their ratings sliding due to the popularity of Monday Night Wrestling (RAW & Nitro combined). Back then the two shows were combining for 10-11 million viewers each week, and it was definitely presented as a soap opera back then, heavy on promos skits, shocking out of this world plot twists, we had HHH drugging Stephanie to marry her, Steph being kidnapped by Undertaker' army of the dead, we had Vince drugging Linda and having an affair with Trish, we had both Vince & Eric Bischoff paying evil bosses, we had the excitement of Goldberg's Streak, Flair's son turning on him to side with the NWO, Randy Savage as vengeful lunatic, we had the comedy of both Chris Jericho I WCW & Mick Foley in WWE, the late 90s was soap opera style presentation at it's most insane by both promotions.
Saying that wrestling presented as a soap opera makes its competition Days Of Ou Lives is ludicrous. Daytime soaps play mostly to a female demographic 25 and over. Wrestling plays largely to a male demo that skews younger.
Wrestling is soap opera...always has been and always will be. During the 1980s the whole reason people watched for the soap opera aspect. Was Hogan vs Andre a great match ? No, but it was epic due to the soap opera like storylines between the characters. Ric Flair vs Dusty Rhodes was an epic 80s feud, yes, there were some really entertaining matches in there but wrestling fans don't watch to see matches, they watch to see the storyline develop and are enthralled by the twists and turns. No one ever tuned in randomly to see Flair-Rhodes just because they thought it would be a good match, fans tuned in to watch them wrestle because they were invested in the SOAP OPERA STORYLINE and wanted to see a conclusion. In a movie the conclusion is typically the final showdown between the hero & villain, but the interest in the showdown comes from the storyline of the movie itself. No one cares about James Bond fighting some random dude in a plane, but they care when they’ve been watching the last 90 minutes of that random dude kill innocent people and try to destroy the world.
Rock-Austin produced some great matches. No one tuned in because they expected a great match, they tuned in because they were invested in the soap opera like storyline and wanted to see who would win.
One of the all time best televised matches Brett Hart ever wrestled was on Nitro against Van Hammer. Of course, Van was mostly a failed gimmick and mid card (at best) wrestler no one cared about. The individual match was excellent, ratings for it tanked however, even though most of RAW during the bout was promos and in ring skits. Fact was those promos & in ring skits on RAW were advancing the soap opera storylines we were already invested in. There was no storyline between Van & Brett, no history, and fans tuned out in droves. They missed a great match, but fact is without the soap opera like storyline we don’t care about the match.
Wrestling has always been a soap opera and always will...it's just a soap opera that targets the tween & teen demo, junior high age kids and little younger & a little older, mostly male, which coincidently is major part of the NFL demo.