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I'd say a mix of that and them losing their long term booking flexibility by switching from a monthly taped schedule to a weekly one.
Being in a war with AEW hasn't helped either since a lot of their booking has felt a lot more reactionary. Its also why they've been constantly tossing out TakeOver quality matches and title matches with little to no build to spike ratings and try to drive interest away from AEW.
In terms of the wrestling itself, the quality has mostly remained unchanged but another negative aspect has been popping up these past few years. The brand used to be a nice mix of developmental and indie stars getting the spotlight treatment but in recent years, NXT has leaned heavily towards pre-made indie stars getting the real focus and spotlight. John Pollock mentioned earlier in the year how recent TakeOver events barely have anyone from WWE's actual developmental system on the cards.
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