By James Caldwell, Torch assistant editor

WWE Raw dipped below the 3.0 ratings benchmark on Monday night, creating another one of the "lowest rating since..." type of news items that grabs people's attention.

WWE was on an inevitable path toward a wake-up call for their flagship show, as there have been developments over the past weeks and months that have exposed WWE to potential audience disinterest.

On today's PWTorch Livecast, there was plenty of good discussion on potential reasons for the ratings decline and what it says about WWE's overall business health right now. I'll examine some of the bigger and smaller developments that have put WWE in this position where systematic change is needed.

-- Too much acknowledgment of "it's entertainment." WWE has progressively shifted toward subtle and not-so-subtle discussion of the "entertainment value" a certain wrestler brings to the table. Those descriptions can enhance a wrestler if done in limited doses, but WWE has shifted too far in that direction that the audience is immediately taken out of the moment trying to invest in the product.

And, considering pro wrestling doesn't have that cool factor right now, it doesn't seem "hip" or "happening" to openly acknowledge what critics, bloggers, and followers on Twitter are saying about the product. Rather, it feels like WWE is insulting the intelligence of the audience willingly suspending disbelief.

-- Michael Cole's character. On Tuesday nights, his heel commentary role is excusable because no one is watching. On Monday nights, he distracts from Raw and inevitably drives viewers away from the show. The result is that WWE openly critiquing its own product and its own talent is a waste of airtime when they should be building up talent as must-see, top-of-the-line stars.

WWE is attempting to be "edgy" and "different" with a heel play-by-play announcer. The goal is to make viewers get behind someone like Bryan Danielson because the unlikable Cole is heeling on him, but WWE has picked the wrong time to experiment with an unlikable pitchman when he should be "selling the audience" on the perceived greatness of the overall product.

When the product isn't hitting home runs, WWE needs strong, reliable voices to excite viewers on the future of the product on the other side of the hill, not frustrate them into muting the TV or switching to other programming.

-- Viewers are breaking viewing habits. With Monday Night Football season starting up along with new fall season programs, habitual Raw viewers have decided they're not missing much on Raw these days. One of the fears WWE likely has about creating actual TV seasons is that dedicated viewers could break their 52-weeks-a-year habit of watching Raw every Monday night, and then never return when they find something else to watch on Monday nights. Right now, WWE is losing viewers with an overall product that just doesn't feel like can't-miss TV right now.

-- Over-saturation. "NXT" is only bearable to watch because of the unintentional comedy that also feeds into the issues identified above. "Superstars" no longer has a purpose other than giving some lower-card wrestlers a chance to get regular TV work. WWE needs to re-focus on Raw and Smackdown as "destination programming" during the week where all of WWE's efforts are concentrated on creating the best possible products.

-- The Nexus angle is dead in the water. WWE had a compelling angle with Nexus threatening to take down the company, and they were nearly successful convincing the audience to buy into it. Now, WWE's booking and John Cena's scripted promos have stripped away Nexus's intrigue and reduced the collective group to a non-threat. Heath Slater as "the Wendy's girl" and Ted DiBiase "singing terribly" to draw heat exemplify the issue. It's not money-drawing heat, it doesn't make for compelling TV, and it doesn't make stars with lasting power.

-- Randy Orton's the champ. Okay, cool, now what? WWE throwing too many wrestlers into over-stipulated matches has watered down the value of seeing top stars feuding with each other. Also, the lack of an actual title chase or quest for Randy Orton, who has arguably been WWE's top character of the year, has left viewers with a flat feeling about Orton the new champion. WWE failed to build anticipation for Orton winning the title. There wasn't a sense of "I can't wait for Orton to finally win back the title and be confirmed as the top star on Raw." Rather, many viewers probably felt robbed they didn't get a chance to anticipate Orton solidifying his hot run by winning the title. It just happened...in the midst of a six-man match with five other stories in the mix.

-- Value of titles. Parlaying that item, WWE's top title is so watered down via hot-shot title changes that the value of the title and a title chase have been greatly reduced. The issue includes WWE's de-emphasis on competition, wins & losses, quests, and striving for success in the context of a wrestling show. Couple that with the over-emphasis on the "entertainment value" of characters on the air, and often-times it seems like the characters aren't really trying to accomplish anything. That doesn't make for compelling TV. The same applies to TNA.

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