Didn't they already do that?..............
Anyway, I think this idea is decent, but there is one major flaw with it. WWE does not openly call ECW the "Third Brand" or a "minor league" as compared to the 2 main brands (it is, but they won't admit it, because the ratings would take a hit). If they were to pull ECW off of the PPVs, that would pretty much serve as an announcement that ECW is the minor leagues, and doesn't matter (a bad thing for ratings). Plus, if ECW was not on PPVs, then there would be a lot of people pissed about not having a chance at PPV paychecks (i.e.: Christian, Regal, Shelton Benjamin, Dreamer, etc), these guys would then try to get moved to a "major" brand. If they weren't moved, they would have no motivation, because there is no big payout for a PPV on the horizon. If they WERE moved, then ECW has no star power to draw ratings.
One more thing. ECW is actually pretty good right now, the ratings are ehh, but the network it is on is one that will not produce higher ratings (it is a digital cable channel on my TV, and my cable box is in Long Island, which is a pretty major market). They have a decent roster of young talent; Christian, who everybody seems to love (for good reason); and the future of the WWE, Zack Ryder (YOU KNOT IT!). ECW is pretty much Must See TV right now, in my opinion (I know I may be one of the only ones who will say that).