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Three steps can't really save the WWE, but I'll give it a go:
Firstly, turn John Cena heel. As a babyface, John Cena does more to turn people away than draw them in. Just have Cena shoot on the fans, saying how they don't appreciate his greatness. Have him point out he's good enough to be the WWE Champion, and there's nothing we can do about it.
My second step would be to drop the ECW concept. They have one-hour a week, they don't even do their own house shows. Some ECW reunion PPVs would be sweet, or even PPVs just booked by Paul Heyman using WWE talent, but can we just drop the brand? A lot of people will disagree with me, because the idea has shown promise, but it's taking a lot of time and energy on the WWE's behalf. The alternatives alone would be worth it:
Paul Heyman could replace Jerry Lawler as colour commentator. This would alone be worth it. Joey Styles could replace Michael Cole on SmackDown!, and Cole can focus on his WWE.com duties. This could lead to Velocity returning, and Michael Cole could do commentary with Josh Mathews for that show. This allows the WWE to fill in some much needed potholes in their roster. The Full Blooded Italians would be a great tag team. Jazz, Ariel and Trinity would help out the Women's Division. CM Punk would be interesting in the mid-card. Test could feud with DX. Basically it just helps strengthen both rosters.
The final step I would take, is unifying the Championships. King Booker as WWE Champion appearing on two shows, is going to be much better for the WWE long-term. Have Paul London & Brian Kendrick become the top tag team of the WWE, and have the Intercontinental Champion win the United States Championship, then appearing on both shows as IC Champ.
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