I dont know...Im kind of over the found footage movies. The only one that REALLY worked has been the Paranormal Activity series and, IMO, Cloverfield.
There has to be a really good story that is involved. I recently watched Apollo 18, and what a disaster that was. Good idea, wrong execution.
I think a horror film COULD work, but what is the story about. WWE has had bad luck and picking crappy stories. "The Marine" was an action cliche movie, "12 rounds" was basically "Die Hard 3", and "Marine 2" was just like the first one. The only one that was somewhat good was "See No Evil"...I haven't seen the other 2.
I personally dont want to see a big name WWE star in this though. They need to get away from putting their top stars in leading roles. Someone like...say Justin Gabriel in a supporting role would work, or even someone more established like Cody Rhodes. Lets say WWE did "Cloverfield". Someone like Cody would've worked well as one of the friends in the movie.
Just PLEASE dont make a WWE star the killer/villian. Get some established young stars from Hollywood in this and I think you can make it work. Just get a GOOD story.
Maybe surprise us by killing off said WWE star in the movie, like "Scream" shocked everyone by advertising Drew Barrymore on all the promotional stuff and then killing off her in the first 10 minutes.