#1 Sign/steal big talent
Here it is, the biggest thing AEW need to do to compete with WWE - sign big names to the company. This seems like an obvious one, and that's because it is. Signing Chris Jericho is huge for AEW.
Jericho may be 48 years old, but it's the name that counts. I don't want to keep comparing this to the Monday Night Wars because I don't think it will be the same kind of 'War', but one of the reasons it was so exciting was the poaching of talent between the two companies.
Make no mistake about it, Chris Jericho joining AEW is a massive blow to the WWE. He may not have been a regular in the WWE recently, but he always generated excitement when he appeared on WWE TV.
They even paid him a boat load of money to appear in the 'Greatest Royal Rumble' in Saudi Arabia. He was a big star in WWE's eyes. After the announcement was made, they removed him from WWE.com and Then, Now, Forever opening before RAW and SmackDown.
AEW will no doubt give Indy talent a huge platform to perform and become stars, but they could do with one or two huge stars to draw the initial attention to the product, like Jericho. Cody announced at the rally that they will pay their wrestlers well, and with the Khans behind the company, they could feasibly match and better the contracts of top WWE talent.
AJ Styles' contract is up shortly, and he is reportedly looking for a better deal. Apparently he is looking for a reduced schedule, and doesn't want to work every house show. Could you imagine if AEW stepped in and were able to lure AJ away from WWE with a better deal? It would be a massive deal to sign one of WWE's biggest stars who was recently their longest reigning WWE Champion.
They could also feasibly poach female talent from the WWE. Brandi Rhodes announced that AEW will have equal pay regardless of gender. While the meaning of this is still a little blurry, considering wrestlers are traditionally paid according to his/her drawing power, it is still appealing to the female talent.
If someone like Sasha Banks could become a bigger star in AEW and make more money in the process, of course she would go.
I think we are entering an interesting period for wrestling. The real winners here are the wrestlers themselves, never has there been so many options for work. I still don't think AEW will challenge WWE for a couple of years, but I look forward to having an alternative source of entertainment. I hope this forces WWE's hand to improve their product as well.