There would be a point if WWE increased their spending commiserate with the influx of new cash. WCW did that. They lost money throughout their history even while being on a budget until 96-97. They started making big money with the NWO then Goldberg booms and then their spending exploded and continued even when those booms ended. WWE is going to obviously boost the pay of the top stars and they’re offering big money to the Bullet Club but it won’t be anywhere else to the new money being brought in.
In the past decade, NFL ratings have definitely dropped. In 2007, NFL games were roughly 20 of the top 100 most watched shows of the year. In 2017, 70 of the top 100 most watched shows were NFL games. That’s what really matters. If you look every week, raw & smackdown are nearing the top of most viewed shows in their target demos every week. When I was a kid, when Raw was on, micro machines, stridex pads, 1800 collect were the sponsors. With the genius move to PG, we see real sponsors like Mattel & Mars candy sponsoring WWE that didn’t touch the product before. The quality of sponsors are better than its ever been. I don’t see how this changes in the foreseeable future. The best PPV year WWE ever had was 2000-01 and they made $128.2 million from PPV. The WWE network made $197 million in 2017. Cable did undergo major cord cutting the past few years but that has slowed down recently. Cable networks are looking for an identity to justify their existence, though. Spike went from airing ECW & WWE to subsidizing TNA to no longer being in existence. USA has no more popular original shows and started airing WWE in the early 80s. They’ll never cancel Raw as long as there’s a USA network. Even if NBC Universal pulls the plug on the network existing, Raw is safe for the duration of the contract. Friday Smackdown will air on Fox so it’s immune from your cable television point. They will have to have about 3.5 million viewers weekly to be safe. Master Chef, junior and a Meghan Markle special reached that so its doable. Smackdown gets removed from Fox, it will move to FS1 and automatically be the most viewed regular show on the network and be very safe over next 5 years. Fox has long term contracts with the Big ten, Big east, Big 12, MLB, etc so FS1 is safe to exist for years to come. Basically WWE has their bases covered.