the lack of competition has killed production. mcmahon killed himself by buying the wcw. he should have just left it alone, at the rate the wcw was going, there was no chance of it ever being a real threat to the wwf, but it served as just-enough of a threat to keep the wwf on its toes.
now, with no one to compete (and, those that would dare to try, cant ever got a spot on tv), the wwf has no pressure to keep pushing the issue. the writers can go on auto pilot, and flip for who wears the belt.
and wrestling enter's(ed) its second dark ages, much as it did in the early 90s.