How could it be rated TV PG for 50 years when the ratings system did not exist until the 90s? The PG ratings has definitely made the product worse - I can't say that it's become unwatchable, but it has definitely hurt the product - and the whole reason they went PG is to try and get Linda McMahon into the US Senate.
The product was the same before the ratings system. The whole rock 'n' wrestling connection (which was hugely popular) was very family friendly. The PG rating hasn't hurt it. Hell, the first six months of the year was great. All the PG rating means is less cursing and less blood, the actual wrestling is the same.
WCW suffered from multiple problems, and content was not one of them. WCW had already started going downhill before Time Warner started restricting them.
Devon has actually improved this year, and really toned down. Still, I don't thin he should be the TV Champion. I will agree Bully Ray is probably the best heel in TNA. He didn't make it a secret he's considering leaving though (hell, earlier this summer he tweeted that he was backstage at WWE Raw. Some speculate he did this because he is in contract negotiations with TNA).
As for Douglas Williams, maybe he wants to move away from full time wrestling? He could do a great job teaching wrestlers to improve their skills in OVW.