What was the end result of that? WWE is still tippy top dog and WCW is dead.
WWE took out the AWA and NWA at their apex of TV viewers and house show attendance. They outdraw Japanese organizations when they tour Japan, they also outdraw Lucha Libre promotions when they travel south of the border. If Verne Gagne, Jim Crockette, Harley Race and Bill Watts couldn't compete with Vince McMahon and the WWF, who actually thinks some startup group is going to.
First off, you need a shit load of money, TV contacts. And stars are hard to come by. Look at TNA's predicament, they have monoploy of the old stars of the 90s and they can't do shit with them, they have Eric Bischoff and they were doing worse then they did in 06.
Also, WWE is in such a rosy space in terms of the business they are in, the day when Vince actually steps down, and Triple h and Stephanie take the reigns. The WWE will continue to be the big dog in Pro-Wrestling.
Hate it or love it, the WWE is the NFL of Pro-Wrestling, no matter who is in charge, they will still be numero uno.