The fatal mistake WWE is doing is not just recycling storylines, but giving certain superstars constant pushes they just don't deserve anymore. That's one of the big reasons I warmed up to TNA. I got sick of week after week of "Watch John Cena overcome the odds and prove that you can do anything if you put your heart into it", "Triple H is nailing the chairman's daughter and thus can do anything", and "Let's let Ric Flair embarass himself by acting like he has a shred of wrestling ability left." Thankfully so far TNA isn't doing anything similar to those, and if they want to survive, they won't.
For attracting attention, copying what the WWE does and badmouthing them on screen just doesn't work, because people have to actually watch the show in the first place to see it. TNA needs to get its' name out there with talk shows and products. That videogame is coming out, for example, and it's going to be huge publicity for TNA.