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There really is nothing that he needs to do to right the ship. The sad thing is this incident will be forgotten by all but the most hardcore wrestling fans in a few months or less. The is nothing anyone is going to be able to do about steroids in wrestling that the US Government didn't already try and do in 1994 and failed at.
While wrestling may not be at the popularity height it achieved in the late 90's the cyclical nature of the sport proves time and time again that it will bounce back.
As far as a new star, there isn't really anyone that transcends the sports at the moment (although they have tried and failed with John Cena), but again history shows that a new one will pop up sooner or later. WWE has a lot of guys on their current roster and in their developmental system that IMO could fit the bill if they decide to go that route. It all depends on who they get high on and give a push to.
As for MMA, it is growing in leaps and bounds but wrestling will always have one huge advantage...the ability to build up a marketable star without the worry of him losing steam by a loss. I think there is plenty of room in the PPV market for MMA, wrestling, and boxing.
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