Great as usual.
WCW dying and therefore allowing WWE to phone it in afterwards was a big part of why I actually stopped watching wrestling, barring odd spots here and there, from around 2004-2009. If anything the lack of genuine competition has hurt WWE as a business, but it doesn't matter as they do just about well enough to keep going as they are. Vince has got himself into a position where he can just book the show the way he wants so that it entertains him, I feel.
Ted Turner is still alive as far as I'm aware, someone out there needs to wind him up about losing to Vince in the MNW and egg him on to have another crack at competing with him. He's probably too content just chilling out on some private tropical island somewhere though, enjoying his remaining years in peace and luxury.
TNA blew it...........repeatedly. To the point where I just stopped giving them second/third/fourth chances and couldn't feel any sympathy for their situation as a company.
Seeing them on uk challenge tv (iirc) was what got me properly back into wrestling at first. It wasn't WWE and it had a different feel to it. I so badly wanted them to succeed, but it never really hit the mark, while the promotion and subsequent mainstream awareness of the show was piss poor in comparison to WWE. When they brought Hogan and Bischoff in I thought that was the chance for them to strongly promote the brand on international tv and bring in fresh ideas. Sadly what happened instead was Hogan barely promoted the product, also using the run as one final self serving ego massage and giant pay check. Bischoff's "great idea" was pushing his zero talent, zero star quality, former referee son, as a singles guy. Genius. Dixie was an utter mark and idiot for trusting both guys and not reigning them in, or at least hiring someone who could advise her about good or bad ideas, aka not Vince Russo. I, like you, gave TNA chance after chance in the face of all the bullshit creative ideas and terrible angles because they were needed as a competitor, but even I got to a point where I couldn't support them anymore (the pointless Tito Ortiz debut, with all the wrestlers in the ring giving goofy reactions, to be precise).
Back to the general discussion...
Where I'm at now is that I still love wrestling, but am back to not really watching much at all bar Nxt (which has major issues with the weekly shows, but they've still past credit with me there) and watching the odd WWE match/segment or njpw match. I want to get into njpw more, but the language barrier is a huge issue as what initially made me fall in love with wrestling were the angles and promos. I learned to love a great match, but I can only watch so many great matches without all of the high quality accessible bells and whistles to go with it. I really want to enjoy wrestling, but there just isn't a product that strongly resonates with me anymore. I know there are others like me out there who have tuned out in recent years. The same happened when wcw died, all of those die hard wcw fans just disappeared. They didn't start watching raw, in fact, raw viewership started to dwindle. There must be millions of fans out there who want a good wrestling product to watch, but have lost touch (this is where tna failed, particularly with their poor promoting/advertising/branding) or just cant find anything they enjoy. So yes, when coupled with the current disgruntled, yet loyal, diehard WWE fans (autocorrect initially changed this to fags, interpret that how you want!) who want a better product, there absolutely is potential for a new promotion to compete, given the qualifiers posted in the op.