I know, I know, you all are probably wanting to kill me over this nWo stuff. BUT, I believe 100% that the nWo formula can STILL work. I guarantee that if the nWo came back, that ratings would go up significantly. Just like if DX were to reform, or even Evolution. Fans (me) love and mark for Nostalgia. Of course, I would want this nWo come back to make sense, and I think if it was done this way, that it would.
On Raw, Paul Heyman aligned himself with CM Punk. We all saw him drive Punk's car after he laid out John Cena. Now, with this, you have really drawn the line over CM Punk (nWo) vs John Cena (WWE). Cena represents your typical "superstar" that he has been against since his shoot promo last year, with John Cena being the poster boy of what WWE Management considers to be a star. So, I would run with this. I would keep John Cena and CM Punk going at a slow pace, definitely keeping Paul Heyman in the mix. Gradually, I would have Punk and Heyman drop hints that they no longer represent the WWE, etc. Big Show is still out also, and when he returns, I would pair up The Big Show with CM Punk and Heyman as well, to continue his feud with Cena from before Summer Slam. Then, you have CM Punk, Paul Heyman, Big Show as an "on screen stable" who "does not represent the WWE". I would have those three hype up a "big introduction", which everyone would assume it being Brock Lesnar. But, what do you know? Its Kevin Nash. I would have Nash return, and the new nWo is re-born with CM Punk, Big Show, Kevin Nash and Paul Heyman. I would have Brock Lesnar as maybe an ally of the nWo, appear with the nWo, but maybe not an official member of the nWo unless you combine his storyline with Triple H along with CM Punk and John Cena and book Punk/Brock/Show vs Trips/Cena/??? at Survivor Series. But, I would use this nWo momentum to make new stars, because that's what the WWE needs right now DESPERATELY is new stars.
A few options would be Cody Rhodes, and maybe bring back Dusty Rhodes to manage him since he was a former nWo member. Not only to make Cody a strong heel, but to make another strong face to help fight off the nWo. That strong face would be none other than Dolph Ziggler, who would be managed by Ric Flair.
I've heard the arguments, but, I still believe if you brought back this group and you put a wrestler in the group who may or may not be "over", that it would make them a Superstar one way or another.