An online/offline 3d wrestling game with -
awesome gameplay mechanics(somewhere between AKI, Giant Gram and Firepro would be good).
A strong single player mode which would take into account all of the things listed below.
Managing a company (you can still control individual wrestlers if you want), building it from the indies through to WWF sized corporation. In this mode you would have to create your own stories and stars and build them up in your own small terriitory or buy some from rival companies (their would be many, many of them). From here you will have to build your core audience then try to break out into other terriories, get a tv time slot etc. Advertising, paying for ring rental (before you buy one), paying for the building fees and the wrestlers saleries etc. would all have to be managed and payed for with the money you get from merchandice (keeping a strong popular face can increase this) and house ticket sales and concessions. People would also be able to watch these shows online like a tv show, everyones shows would be tabulated in a database and ranked (differently than the single player ranking) in order by what is the most watched and which promotions are starting to get really popular.
Create a match, tornament, promotion etc. This can be put online and played through by anyone. for example, if you put your promotion online you can actually have people join your promotion online and if they are popular you will actually have to pay them (in game fantasy money of course....unless....) to keep coming back to your show, other peoples shows will also be able to steal away these characters if you don't keep them happy or really piss them off.
A create a character mode (as well as arenas, logos etc)that would allow you to import your own sounds/art/models/music/AI/move and character animations with the option to submit them to an online database that can be accessed through the game and downloaded by anyone to play with.
A mode that would follow the way you've been playing and learn your play style, this character can then be put online into tournaments and you can battle your trained AI character against other AI characters. People would also be able to watch these online.
I hope that makes sense cause i'm half asleep right now.
Oh and the game does not have to be licenced, i barely watch wrestling these days but I still love the sport just not what is shown on tv anymore.