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3 steps really is over-simplifying an extremely complex problem. A lot of things about the product suck right now, and wrestling hasn't been popular in the mainstream for years, and there's at least a dozen people who could easily have the blame shifted on them. There's no easy solution to a difficult problem such as this, but if you must have an answer, here are the three major things I would do.
1) Come up with new main-event angles. For almost ten years now, there have only been two recurring scenarios for the World Title scene: babyface champion vs. evil authority figure and his cronies, or upstart babyface challenger vs. Triple H. Bring at least a half-dozen people to the status of potential-champion at all times, so we don't have to see the same 2 or 3 again and again, and give us something we haven't seen before.
2) Lift the in-ring restrictions. TNA is still a good ways behind WWE in terms of viewers, but a lot of what they're doing is starting to strike a chord, and it sure as hell ain't Russo's booking. There's a market for actual honest-to-God pro wrestling again, and Vince and his boys are largely ignoring it. WWE still has some of the best wrestlers on the planet working for them; if they're allowed to do what they're capable of doing, they could leave TNA in the dust for good.
This would also include an easier schedule, to avoid so many injuries.
3) Stop worrying about mainstream appeal. Wrestling has been out of the mainstream limelight for years now, and yet Vince is still begging for their attention. Bringing in C-List celebrities like Kevin Federline, pulling shock-value angles like the Billy/Chuck gay wedding and Katie Vick, exploiting the death of Eddie Guerrero, all done to appeal to a casual audience that stopped caring years ago. Quit grasping at straws and do what you can to keep the fans you still have.
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