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Ratings aren't the be-all end-all like they were during the Monday Night War or the expansion of WWF in the late 90s, but they do matter. WWE is making so much money largely because they are getting thrown these giant bags of money for their television content. If people aren't going to watch it then that is going to dry up, which means other revenue streams, which are dwindling, are going to matter so much more.
I think it's quite narrow-minded to assume that things are going to go up, and up and up for the company just because they are doing well right now. That television landscape is going to change even more. What happens to the stock if SmackDown flops on FOX and they don't get picked up at the end of those three years and they have to slide back onto cable for much smaller rights fees? What happens to the perception of the company should they lose international TV deals?
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