They mainly lucked into the deal from FOX as they were pivoting towards live sports after the sell to Disney, so they needed content. It was rather an overpay as WWE more than likely weren’t getting even close to the amount of money anywhere else.
With the rise of streaming platforms, they might be able to strike up another lucrative deal when its time renegotiations, but the continuous ratings drop isn’t doing them any favors.
It should be worrisome on their part even if they won’t admit it as they don’t have any global superstars or storylines to help increase ratings. Part of that is on them as they haven’t done a good job of creating stars, but The Rock, Stone Cold and even Cena were rare breeds of superstars that very rarely come around.