Honest take:
AEW has the potential to be a very good promotion in terms of the actual wrestling, and I wouldn't be surprised to see a significant WCW style talent raid of WWE over the next couple of years.
That said, there has never ever been evidence of the idea that there is enough money in the market for there to be two profitable national wrestling promotions. WCW hemorrhaged cash, and that was at a time when the market for wrestling was larger than it is now.
Unless there is a ton of wrestling money out there that we simply don't know about, the route to profitability for AEW is probably just to become the national wrestling promotion and have WWE go the route of WCW. Maybe twenty five years ago WWE was vulnerable enough for this to happen, but right now that company is so valuable and has so much cash sitting around that they will almost surely win any war between them and AEW, if by nothing else than attrition.
For me, at best Khan is naive about the market. At worst he's getting worked. Maybe his guys have crunched the numbers and they think that this can work, but to me this seems like throwing away a lot of money on hopes and dreams.
WCW hemmoraged because of major mistakes. The Halloween Havoc 98 blunder cost them millions. After that, Turner sold to Time Warner/AOL, who didn’t give a damn about wrestling. They also had terrible booking and lost the ratings war because WWE had a generational type gimmick leading the way in Austin and were in the middle of a golden age of an era that can’t be replicated due to today’s society being more PC than ever.
Bischoff placed trust in Nash to book WCW, which was a horrible decision, then Vince Russo came in and botched it up even more.
I don’t think those same decisions will be made again and WWE will never be able to hit that type of success again, with the attitude era. Once Vince steps aside to run the XFL, HHH will make sure the product in ring is better, but I don’t think you’ll see them have those crazy types of “go all out” type matches that NJPW has been putting on.
Plus, I think wrestling fans as a whole are tired of WWE basically monopolizing the industry. It’s time for competition. I think AEW is going to gain steam real quick and have a HUGE impact on the industry. I wouldn’t be shocked if they got another major backer within a year of operation.