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If the rosters are split and they don't do a lot of cross overs I don't think that will be a problem. A 3 hour Raw is going to be looked at as superior to the 2 hour Smackdown. I don't see them dropping the 3rd hour for Raw so might as well add a hour to Smackdown. As for the 2 PPVs a month I think it would be fine and if it adds more live wrestling content to the WWE Network I'm cool with it.
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