The way I see it, TNA (more importantly, Hogan) is trying to make the knockouts division "marketable". What this means basically is to make it more like WWE's divas division. Essentially fill it will beautiful women who don't have to know shit about wrestling, or be interesting for that matter. Just have big tits and a nice ass, and you'll be fine because you'll be marketable to the guys who watch wrestling.
This mentality is bullshit. As I put it: I don't watch wrestling to see hot nearly naked women bounce around and pretend their athletes. If I wanted that, I could go other places that do it better and sexier. I watch wrestling to see interesting characters have good matches in the ring. As far as that's concerned, TNA did it better than WWE hands down. Now, they traded all their great characters and workers (ODB, Awesome Kong, Roxxi, Traci Brooks) so they can revolve the division around the BPs and their former member, Angelina Love. These guys were supposed to be parodies of the divas, and thats what made them great. Now that HAVE become the WWE divas. As far as the hype, it was well deserved before the Hogan Era. Now, yes, it is, and yes, the division as a division is dead.