Very well done. You certainly upped your game.
What I liked
The colours worked well with Red for Raw, Blue for Smack Down, obviously. I liked the cool line brush/grunge brush effect in the background, that sort of gave us a feeling that wrestling was going on in the background, when it was not.
What need improvement
You need to add some blending. Duplicate the render/psd about 5 times, then hide all apart from one, the first one. Just go over with some sort of blending brush on scattering setting, go wild. Un hide the next, lower it's opacity, and blur it, un hide the next, lower it's opacity, sharpen it, un hide the next, lower opacity, and finally perhaps add a red/blue gradient map, then put the gradient map on a clipping mask, so that only the render/psd get's the gradient map. Un hide the final one, and lower it's opacity. Voila! You have yourself a blended peice. Then, you can do the same thing, just going crazy with different options. Remember, Clipping Masks are a man's best friend.