Ok, we have all given reasons in various threads as to why the WWE seems to be in a slump at the moment, but what I want to know is which is the biggest reason.
From looking at various threads these are the main reasons that seem to be thrown around:
PG Rating
Having split rosters
No Undisputed World title
No marque star on the level of Austin or The Rock
Too many PPV's
Smackdown isn't live so people read spoilers and then don't watch (I am guilty of this)
Lack of competition
For me the biggest reason is not having a star on the level of The Rock or Austin. Yes John Cena is the face of the WWE, but he aint nowhere near the level of Rock or Austin. These two (Rock in particular) were in numeruos sports magazines debating whether wrestling, baseball or the NFL was the favourite pastime in the US, presting Saturday Night Live, being at MTV awards etc.......
All of the other reasons above contribute IMO, but this for me is a big big reason.
I think most of those choices don't hold very much water:
a) The PG rating excuse is just that - an excuse. PG simply means no blood, no overly graphic violence (like realistically choking someone out with a tie or ring rope as opposed to just pulling the bottom rope against the neck), no nudity, and no foul language. Those are just details - they don't make or break a storyline. And PG movies do exponentially better at the box office than R rated movies do.
b) Split rosters? While I'll agree that the whole concept of two separate brands is inane, one can't make a valid argument for this because this has been the way things have been for almost a decade now in both good times and bad times.
c) Similarly, there hasn't been a single unified top championship in the company for quite some time. The creation of the World Heavyweight Championship title occured only about five months after the brand split.
d) Too many PPV's is yet another unsubstantiated reason for the company's woes. There has been one PPV per month for over a decade now, starting when they held the first In Your House PPV in May 1995 after Wrestlemania XI. How can this be the cause for all of WWE's problems now when the situation was exactly the same when WWE was doing remarkably well through not only the past decade but also during the Attitude Era?
e) Has Smackdown
ever been live? I don't think it has aside from maybe a once off special or something along those lines. Why would it suddenly be a problem now?
f) Lack of competition? Again, this has been the situation since WCW folded, and one could make a near infallible argument that this was the situation for some time even before WCW folded.
I'm starting to see a pattern with many of these reasons. They sound more like people simply complaining about things they don't like - and maybe haven't liked for a long time. One can't reasonably blame any of these things - or even a culmination of these things - for WWE's current woes with any viable logic.
The only good choice listed above is the one the OP himself chose to support. John Cena is a mega star who sells merchandise probably just as well, if not better, than The Rock, Steve Austin, Hulk Hogan, etc., but he hasn't broken into the mainstream in the same way as those superstars did.
On the other hand, one could make the argument that those guys were really only popular because wrestling was popular at the time. The industry on a whole seems to be on a down right now mainly because the finicky public's tastes have changed.
Or maybe it's because the product has simply gone stale. I think ultimately this is the reason no wrestling organizations are doing exceptionally well right now. The reason WWF started slipping back in the "circus days" was because eventually people got tired of the same damn thing over and over again. WCW revolutionized things with the NWO, then WWF fought back with the Attitude Era gimmicks and angles which truly put wrestling in the mainstream (the NWO was big in the hardcore wrestling fan market but never really broke out into the mainstream).
Those things were a complete 180 from the "wholesome" wrestling product people had grown bored of. The question now is what could WWE possibly do to "revolutionize" the product again? What kind of storyline could shock people so much without crossing the line to offensiveness to revitalize people's interest in what's basically an athletic soap opera?