Two things in common drove TNA and WCW down and one eventually out of buisness and the other about to be.
Eric Bischoff & Hulk Hogan
It seems that way on the surface, but if we look at the details, it's just the opposite.
Let's take WCW, first. Before Bischoff came along, WCW was bleeding out money. They were in the red, by far. They went through booker after booker after booker. And nobody, it seemed, could get the company out of it's funk.
Then here comes Bischoff. He not only takes the company out of the red, but makes it a competing company on WWF's level. And not only did he compete with them, he BEAT them for nearly 2 years straight in the ratings wars (and that was after trading 1st place back-and-forth for a while).
What killed WCW was not Bischoff. It was first the Time-Warner merger with all of Turner's on-air companies. They restricted a lot of what they could do on-air in WCW. When Bischoff finally had enough of battling them on it and losing, he waited his contract out, then left. Then came along Vince Russo. The real poison of WCW. When Vince Russo took over, ratings plummeted and arenas emptied. He was TERRIBLE as the head-of-creative running things. His ideas were just stupid. I mean what the hell was with KISS's the Demon wrestling? Or freaking 3-Count?
And Hogan was the best thing to ever happen to WCW. Top star in the business when he went in. And then he tops that even by being a founding member and co-creator of the nWo, arguably the '90s greatest wrestling storyline.
In TNA's case, yeah, there's no denying there was a drop in the quality of matches and feuds when Bischoff and Hogan took over. But there was still that TNA magic there, nonetheless. There was still a great mixture of TNA Originals and Legends. And there was still some great feuds and chemistry going on there (even if Immortal got old fast).
Fast-forward to today's TNA (without Hogan and Bischoff), and the arenas are tiny, the roster is laughable, the few good guys are leaving (even A.J. Styles, who would have thought?), and they are bleeding money. There is NO chemistry between most of the wrestlers. And the feuds often make no sense anymore.
I think the problem in TNA is Dixie. This is in an era when Dixie has no one holding her hand. At first it was Jeff Jarrett guiding her, then Vince Russo, then Hogan and Bischoff. Now she's completely on her own, and it's as clear as the sun in the sky that she has no idea how to run a wrestling company.
Sting, Robert Rhoode, and Austin Aries need to get out before they're reputations are tarnished.