Goign head to head with the WWE right now would be the worst thing they could do. Aside from the Kings of Wrestling thing.
But seriously. They can't compete head on. They will lose so horribly it won't even be funny. Maybe in 5 or 10 years, if they're still even around, they might build up enough steam to take on the giant. MIGHT.
Competing against a major corporate force only works if you are either A) Mad popular or B) Also a major corporate presence.