Once upon a time, that's exactly what they did with the old SNME shows.
They also did it on RAW throughout the 90's, which also worked. Since they lost They Rock and Austin, they've really been stuck. They either haven't had anyone who could carry the company like that, or when they have had people with that ability, they don't pull the trigger on them.
Kurt Angle should be the Hogan/Rock/Austin of this time, but he's not presented in that strong of a light, and it fucking puzzles me why they've never treated him like those big time guys. This show could have been built around Angle/Taker, with HHH/Cena rounding out the "big time feel".
Steve Austin needs to stay away from WWE from now on, only returning to actually take part in one of the few big matches he has left in him (vs. Goldberg, Hogan). When I see him on TV now, doing this same exact thing, it's just pathetic at this point.