What is the Reason for the Gradual Decline of the WWE Product?

Could this simply be part of a normal ebb & flow and similar to the tumultuous periods that NBC's "Saturday Night Live" witnessed at various points during its 30+ years? What could be causing all this? Personally, the answer is likely multi-faceted.

Perhaps the biggest culprit is the lack of a legitimate threat to the WWF. Complacency has seemingly set in, and with the lack of a WCW or ECW (now WWE property), there is the absence of a wrestling organization that can raise the bar for McMahon's crew. Outfits such as TNA simply do not have the resources, and likely never will, to challenge this long-standing professional wrestling organization.

In addition, it is the opinion of many, including myself, that the "Attitude" era of the WWE (then the WWF) prompted the initial stages of the decline. Yes, that era produced "Stone Cold" Steve Austin, who managed to trump the merchandise sales of Hulk Hogan, the Babe Ruth of pro wrestling himself. The era also produced "The Rock", and DX. However, the era seemed to zap the "character" element from this form of sports entertainment. It began to eat away at the Tier 2 talent and vital midcard ranks that once gave the WWF such tremendous depth circa 1987 through 1994. The roster was deep. Hogan, Randy "Macho Man" Savage, Ultimate Warrior, Ricky Steamboat, Undertaker, Andre the Giant, Bret "The Hitman" Hart, Dusty Rhodes, Legion of Doom, Demolition, and countless other legends made the organization diverse and deep, brimming with character and glitz.

That luxury is no longer present. Around 1997, the WWF decided to spurn the cartoonish, yet entertaining and never boring aspect of "characters", gimmicks if you will. This has resulted in a less colorful product and one that has had to grasp at straws to generate fan interest. The depths to which it has fallen can likely be seen at the WWE World Title level. Where would a John Cena rank on the foodchain back in 1990? Not very high, my friends. In addition, back in those days you never saw the company owner holding a world title belt and competing in the ring against gargantuan foes supposed to be formidable and superhuman.