In order for it to work at all, TNA would have to go back to a static location like Impact Zone or Asylum, and use their 4 PPV slots a year to get rowdy live audiences in markets that they are popular in. Go against what was done with WCW, put salary caps in place, have a year of storyline already in place, and stop signing past their prime "stars" that fail to bring in any new viewers.
But, like I have said, if they manage to pull this off, they can bring something special to Netflix, and an alternative to WWE Network preventing them from cornering the market. It is one space I can actually see TNA competing with WWE, since they are just as new to this.