Nobody's going head to head with WWE anytime soon; and when I say anytime soon, I mean anytime that's even in the remote future because nobody else has the audience, the money, the brand strength or the support of a powerhouse like NBC Universal. The last company that tried that was TNA and look how well that worked out for TNA.
TNA is on a network that's essentially nothing and are fortunate if they draw a quarter million viewers a week. ROH has a syndicated television deal and seems perfectly happy with its place as "King of the Indys" while not really growing or shrinking. If the reports of Lucha Underground are true, they're constantly having money issues as, reportedly, they've blazed through half the amount of money in 2 years that it took TNA to blaze through in over 10 so its long term future is a question. Jeff Jarrett's Global Force Wrestling is essentially a nonentity at this point that hardly constitutes a blip on the radar; I'd forgotten all about it until I saw someone list it in a previous post. New Japan Pro Wrestling doesn't have the audience here in the United States to remotely challenge WWE and their television program on AXS TV consists mostly of showing matches from New Japan ppvs that've already aired and only draws about 150,000 to 200,000 per episode. New Japan's streaming service, New Japan Pro Wrestling World, at least the last I heard, has under 30,000 subscribers worldwide with about 15% of those numbers coming from outside Japan.
Over the course of the past month, I think WWE has put together a strong, consistently booked product that's maintained more stabilized continuity than we've seen in quite a long time. The thing about WWE, however, is that it's easily the most mainstream of any pro wrestling company and that makes it an easy, convenient target. Lucha Underground or New Japan, even Ring of Honor, have more of an "underground" less polished vibe about it; if any or all of them gained a foothold in the United States via a very strong presence on cable television, I wouldn't be at all surprised if they received the same criticism once the novelty of newness about them wore off. It's sort of the same thing with NXT; I enjoy NXT's product consistently but if you've not seen NXT and you hear the way some people talk about it, you get the impression that each week's show has the quality and excitement of one of the TakeOver specials and that's not remotely true. There aren't 5 star matches every week, there aren't big surprises that pop up out of nowhere during each episode or every other episode, every feud isn't the stuff dreams are made of and every bit of mic work isn't gold. Again, I'm not putting NXT down because it's a quality product that I myself enjoy, I'm just realistic and have realistic expectations. NOBODY could live up to some of the downright insane expectations some fans have for what they feel constitutes a good wrestling show.