WCW competed with WWE because of two main things. One, they got their hands on established, top talent stars that were both still relevant and that audiences still wanted to see (and therefore would go out of their way to tune into WCW to watch). Back then guys like Hulk Hogan and Randy Savage were still relevant, were still young enough to be a draws to an audience, and were still stars fans wanted to see. That is not the case anymore with Hogan and Flair now. They're far past their prime, they're not relevant anymore, they can't offer audiences anything to make them truly tune in, and they're not draws (the undisputable proof is in the ratings). WCW also gained names like Scott Hall and Kevin Nash who were not only young, but they were two of the top stars in the WWF at the time and had been champions and main eventing the company for years. Fans wanted to see them and they were extremely relevant. The same can't be said for a lot of the TNA talent they've gained from WWE because guys like Ken Anderson, the Pope, etc, weren't THE established guys and THE top stars. TNA is left attempting to make those names established and stars, instead. RVD has been out of the lime light for like 3 years, he's older, and he never was a draw.. Jeff Hardy's time in TNA has proven that his fan base wasn't as crazy as most believed and that the machine that is WWE behind him was the true draw. Not only that but TNA's misused Hardy as well, where WCW did not misuse the influx of big named stars that came in. If TNA somehow gained names like John Cena, Randy Orton, Edge, even Chris Jericho or Triple H, then TNA would be comparable to WCW and fans may actually follow.
Secondly, WCW was smart enough (or lucky enough) to see the stale product that WWF was and do the entire OPPOSITE of it. They re-invented themselves and became a true alternative by being something entirely different then WWF was at the time; in their characters, in their storylines, and in the very image of the company. They were fresh, they were edgy, they were revolutionary.. especially when they stumbled upon the nWo storyline. That's exactly what TNA isn't. TNA isn't fresh, because they're trying to be revolutionary and alternative by doing the very same things that have already been done before them. That's not different or inventive. TNA isn't edgy, despite them pretending to be, because fans and society as a whole are not shocked or blown away by the things TNA is doing. It would've been edgy, perhaps, during the Attitude era but times have changed and its not edgy anymore. It's familiar and every day things now. TNA needs to start thinking outside of the box, they really need to start doing something that's entiely different then the norm, or what has been done before them.. and the problem for TNA lies in those who are behind creative now. Vince Russo, Hogan, Bischoff.. these guys are old and out of touch with the current times, and they have no idea how to be exactly what they were in the past because this is no longer their generation. It's like my parents being behind the product, they have no sense of what it means to be a product of this generation and have no way to connect with it because their ideas, their way of thinking, and their views are all out of date and products of a past generation. TNA needs a fresh outlook, they need new, young minds behind their creative direction. That was what was wrong with WCW back in its day too, creatively run and ruled by older veterans who still held mindsets and did things the way of their generation, even though times had changed and a new generation was there. It wasn't until Eric Bischoff took over, a young and fresh outlook, that things changed and started evolving. Until that happens TNA's continually going to be stuck in the mediocre place it is right now, failing to take advantage of all the potential it has. It has the pieces it needs, it's the minds behind it that are the problem. I personally don’t see that changing, though… think TNA will be run into the ground before that happens, all because people are unable to learn from the past and evolve with the times.