Let's not forget a very important part of the death of WCW story: WCW didn't necessarily die only because of dwindling live event attendance or ratings (WWE would kill for 2001 WCW's ratings right now), but because Jamie Kellner, head of Turner Broadcastiglng at the time, cancelled it for quite arbitrary reasons (fun fact: Kellner also cancelled Animaniacs while he was head of WB, so he's a real prick).
If they would have had a TV deal, they'd have had a chance to rebuild things slowly.
Kellner, that guy was something else.
In response to an April 29, 2002 interview [4][5] question on why digital video recorders were bad for the industry, Kellner responded:
“ Because of the ad skips.... It's theft. Your contract with the network when you get the show is you're going to watch the spots. Otherwise you couldn't get the show on an ad-supported basis. Any time you skip a commercial or watch the button you're actually stealing the programming. ”