I think part of TNAs problem, too, is that they're gunning for the wrong demographics. They want to beat WWE, but a large part of WWEs audience is now too young to actually give a shit about Hulk Hogan or any of the older guys.
What TNA is doing is appealing to two groups, smarks/IWC and people who have moved away from wrestling. If the past two weeks have shown anything, it's that those people aren't biting.
Let's be fair... look at the amount of merchandise Cena moves. Think about the people that buy those Cena shirts, who are obviously a huge part of WWEs current fanbase. If they know Hogan, do they care? Do they care about or recognize Hall, Nash, and X-Pac? At least TNA did the smart(ish) thing and put their champion with the old guy that WWEs current fanbase will at least recognize.
They thought Hogan was a magic bullet, and they were wrong. The writing is atrocious, but a show built around Styles, Joe, Hardy, Anderson, Angle, Daniels, Beer Money, and RVD is something I'd watch. Hogan, Bischoff, Foley, Nash, Hall, THE

ING NASTY BOYS?
No, thanks.
Whether they, or we, like it, wrestling has moved on from the 80's and 90's. To a ton of WWE's current fanbase, the Attitude Era IS 'back in the day'. And we, who watched people like Hogan growing up either don't care, or just think it's sad now.
Sorry, that was a runaway thought train of a post.