Bring the two shows back together. The split was a bad idea that's getting worse.
Bring back hardcore matches, the old "24/7" rule of Crash Holly's reign period was fantastic.
Get new writers. Rock hired a guy who used to write for MTV (if I remember correctly, it may have been Saturday Night Live) and at his peak, he was hilarious.
Bring back long feuds. The new stories are generally too brief to build anything up. The old Taker/Foley feuds, Austin/Vince, HHH/Rock, Bret/HBK could keep going for months and months and people were still entertained. Now its all over in a few weeks.
Start some DECENT feuds. Cena vs. Orton (once his dad leaves) for a few months could be amazing. Benoit vs. Booker is interesting, I'm just wondering how long they'll let it go on for.
Retire the old guys. Instead of reliving their glory days, some guys should just be happy and move on. Case in point, Flair. He's a legend. He knows that. Now retire before you embarrass yourself.
WWF used to be about Attitude and fun. Now WWE is all about "Ruthless Aggression". Sure, we want that, but we want "Los Conquistadores" as well. Re-find the balance.
Get some cliques and tag teams together with personality. "Evolution" was one of the worse things I've ever had to watch, just painful. Whatever happened to DX, NWO, Hardy Boyz, Dudley Boyz, Brothers of Destruction, Edge & Christian, The Corportation, and the APA? Now we have M.N.M. What the hell is that crap?
That's my theory, and I'm sticking to it.