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It would take a while with some major shifts but even then I still don't think that they can see major growth, their target should be a stable 700k-800k viewer range.
The company is so geared in the direction of the hardcore fans to the point where if ur a regular wrestling fan. Getting into AEW is too much of a hassle. Learning all the people on the giant roster when a lot of them appear sporadically and a good chunk are only hyped up because of what they've done on the indies or in Japan (regular fans can't be fucked for that) leaves them with few people to care about.
The hardcore fanbase isn't as big as the internet makes it seem and that being 98% of ur audience isn't enough to support your show when it's running at the level of production that AEW is.
Unfortunately AEW blew their chance in 2019-2020 to get casual viewers on board, they had a major TV deal, they had a few stars that casuals know like dean (zoomers know Dean Ambrose, forget that hes a meme here) or Jericho and WWE was coming to the end of a terrible period. But they wasted it in capturing the hardcore fans, a group that was always going to go to them since they were sick of WWE. Now WWE has begun to improve under HHH and is getting bigger as AEW shrinks and digs itself further into a hole of declining viewership and a bloated roster caused by the idea of "He was in WWE" or "he was big on the indies" which btw none of their indie talents get their character over in a way that somebody like Joe Hendry has, its just "he can do all the moves". Also the ex-wwe card doesn't universally apply, cesaro in 2023 doesn't have the same impact as Jericho did in 2019.
AEW is fundamentally flawed and opposed to growth as a business and you would need several years of massive action to fix the damage and then make any positive progress
