The argument over ratings is redundant
Although WWE won't be happy with the decline, the fact is ratings aren't the big deal anymore, without competiton from another wrestling show. The biggest shows (non-sport) on cable at the moment are: Major Crimes, WWE Raw, Sons of Anarchy, Spongebob, Turtles, Housewives of New Jersey and O'Reilly. Even a weaked WWE Raw sits at the top or second to the top.
Only one show there is from the USA Network - they have nothing that brings even 3 million viewers. Hence, Raw @ a 2.5 is by far their most valuable asset. Especially as it is not continuous. Think the PG rating will be the death of them? If anything this clean version of WWE is more marketable to cable advertisers and sponsors.
The WCW comparisons are pointless too. Ratings wasn't the problem there - it was the 80 million dollar loss coupled with Time Warner executives opposed to 'wrasslin on the network. As WWE is a public company, has moved their image away from wrestling and have an iron clad history with USA, they do not have this problem.
Lastly, TV rights are now the WWE's biggest money spinner. This year they are on course to have a revenue of at least 150 million dollars from their many hours of television product - and it's been growing every year. That goes directly into the WWE coffers, unlike with PPVs where they lose half to the providers.