Dave Meltzer seems to think we're about one step away from the second version of the Monday Night Wars, according to the latest Observer. TNA is expected to sign with WGN in the next few weeks and go head-to-head with RAW on Monday nights from 8PM-10PM. There is major infighting right now in the company between Panda Energy and the Jarretts that could possibly end with the Jarretts being let go, and they're looking to bring in Samoa Joe, CM Punk, American Dragon and Ultimo Dragon. Danielson is not a lock yet because he's reevaluating his career at this point.
Those are definitely positive changes in the right direction, but I think they need to do something to attempt to secure a bigger name from WWE who can go, but it's going to require loosening the pursestrings to lure away a few big names. The only big name who's contract is expiring this year is Chris Jericho, and while he'd be a huge coup for them, it would take more than Jericho to make them competitive with RAW.
Styles is the right guy to be champ at this point, although if there's a problem they face, it's probably WGN not being visible in most markets. It's also going to take 2-3 years, at least, for them to become completely competitive with WWE, and Panda is going to have to be willing to spend quite a bit of money.
The safe bet is to bet against them, but legitimate competition would make wrestling fun to watch again, and it just might light a fire under Vince's ass to make his product better as well, so let's hope TNA can get their act together and form a viable alternative. They seem to be making attempts to rid themselves of the Jarrett stigma, so they're moving in the right direction.