The fucked up thing is, I don't even think 3 hours is their issue. It's their format. They have this idea that they must get everyone of their wrestlers who are on PPV on Raw every week.
This does not have to be the case. You can mix it up, give other people more air time and more segments to make different undercard players more meaningful. The New Day vs The Dudleys does not need a segment or match on Raw every week....hell, we don't even have to see The New Day wrestling on Raw every week. That's just one example. Superstars suffer from over exposure mixed with no one giving a shit. That's because you see them every week, but you don't see enough of them for the millions of fans to care.
They can fix this issue with 3 hours or with 2.