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There is no guarantee it will happen, but that isn't to say it can't happen again.
But for it to happen there has to be the element of surprise possible. What made the Monday night wars great was the potential for anything to happen, for any wrestler from any promotion to show up on any given night.
It is the same kind of thing that is happening with NXT now, with the potential for any Indy star to show up at any time. It makes it exciting and gives the fans a high. The only problem is that NXTs debuts will only really appeal to hardcore fans who know who Indy wrestlers are.
Until there is a real mainstream alternative to WWE there can't be this surprise factor again. There needs to be stars built outside of that company who could potentially join the WWE, but equally the potential for any wrestler to leave WWE for another promotion without it just being a recent release turning up in TNA. There needs to be big stars attracted elsewhere instead.
However there is no guarentee the WWE will be the biggest fish in the pond forever. As people have already mentioned, past trends are no guarantee and there are plenty of big companies that have ultimately failed for any variety of reasons. I think one day there will be a viable alternative competition for WWE, but we've gone 15 years now without one and it could easily be another 15 without one.
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