The ratings to me aren't because the product is bad, it's because they've made decisions for things to lack urgency and these decisions are finally coming back on them.
1. For one thing, when the other guys are doing an MITB match, you shouldn't copy exactly how they're doing it by having qualifiers for a secondary title match. What you should do is just straight up do some sports entertainment and have all six guys come out to the ring as an announcement. Like you have the first two, and then you add some suspense by going to commercial, and then the next four guys are in the ring as a surprise when you come back from that commercial. Then you give them each a microphone and let them sink or swim over the next ten minutes. Then you make a six man tag out of that for the next week and the week after that you do the ladder match on TV. You don't need to wait to do a TNT title ladder match until the PPV. You're also running two Owen Hart tournaments. Why would you run a qualifying tournament for a ladder match.
2. You should never have Mercedes Mone come into the fed and have her first title feud be against someone who had like five matches in the US and literally hasn't worked in the fed. Okada, kind of the same thing, why are they waiting to have these people in there with their big talent. Now that being said. There are way more injured wrestlers than you'd realize until you wrote all of them down.
3. BCC faction is stale.
4. Young Bucks haven't defended their tag titles in two months. This should literally never happen.
5. Orange Cassidy being the MVP of the company has been great in the sense that he's reliable, but it's not great because nobody should work on TV this much. There's a never ending revolving door of talent that comes through AEW but you have guys who don't work enough and then you have guys who are booked on literally every show. It's a strange inconsistency that I'd be looking to sort out. When you go to a show or turn on a show they have a core group of four people who's probably going to be on there but its been the same core group for about two or three years now. At some point you have to add to that group, subtract from it, and make some changes. They did subtract Moxley from this group because at one point it was the same five people. I think everyone here can figure out which four people are on in prominent stuff every week, or you should be able to figure it out.
The product is great besides these things but when you're talking about getting people to watch shows, I'm looking at urgency, I'm looking at Tony forgetting about shit (if nobody defends the tag titles, you literally forgot about them), and I'm looking at their core group becoming stale. You can keep the same wrestling based product that they have, and you can make it even better.