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From a creative perspective I'd probably set up WCW as an actual WWF brand instead of killing it off and going with Raw vs Smackdown as the theme of the promotion. I'd like to have seen WCW take over the Smackdown slot, and to have bought out the Goldberg and Sting Turner contracts so we could have the two main stays of WCW. To start they would have Goldberg, Sting, Booker T, DDP plus everyone else that jumped to WWF.
I'd have Shane play the CEO and outbid WWF for the Smackdown rights and rename it WCW Smackdown. To further piss off his Dad he hires Erich Bischoff to run WCW as the commissioner.
The ECW story can still be involved but I'd revive the Heyman hatred for WCW and do a Heyman lead invasion of WCW with the ECW stars like RVD, Rhino, Sabu, Sandman and Dreamer. They'd peal off certain guys to join their ECW cause like Mike Awesome, Tazz (as a mouthpiece, manager and commentator for WCW eventually), Raven (who would leave WWF for WCW), and Lance Storm.
I think the initial interest of WCW continuing under the McMahon banner, and retaining most of the beloved stars plus the added interest of ECW trying to fuck it all up, would be really interesting.
Of course eventually you'll learn that ECW has been hired by Vince himself to help take out WCW. You could even say that Shane made some kind of contract that prohibited Vince or any of the WWF talents from coming anywhere near a WCW venue. There is Vince's loophole.
Slowly you could transition guys from the WWF to the ECW stable on Smackdown to spice things up and create fun matches and angles. You'll add certain stars as the Waner contracts run out, The Steiners, Rey Misterio, Ric Flair... they all come back for at least a run. Hell you can even have Heyman use his new beast "The Next Big Thing" to take out Shane's undefeated Goldberg.
Ah just one of million ways it could have gone that would have been better than what happened.
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