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IMHO a third show would have to be just for lower mid card/jobber type talent. If it weren't then the company would have to come up with a third set of championships, which would make the idea of being a champion even less important.
I have already mentioned in another post that I think there being two world titles makes it seem worthless (especially as Triple H seems glued to the World Heavyweight belt, but thats another story ...), so a third would be even worse.
For a third show to work, SmackDown! and RAW (and their respective championships) should be given completely equal status, and the third, minor league type, show should be for the workers who:
a) don't get much TV time
b) job to the likes of Triple H, Bradshaw or Kurt Angle every time they do
c) are obviously talented but haven't had the pushes they deserve (the Hurricane springs to mind here)
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