Back to the glaring difference between stars of yesterday and today, who on the roster is the next Stone Cold or Rock? Who is the next Undertaker? There must be some incredible talent down the pipe and they need to find a way to make that next star? It almost feels like WWE is holding on to the past way too much, while still having a certain PG era, which makes it like a "Have your cake and eat it too" moment. They can do fun stuff under the PG guidelines (As stated, the Nexus or last year's angle with Punk being examples) but that takes development. I don't think that's happening at the moment and that's a shame.
Well obviously nobody can "just replace" Stone Cold, The Rock or Undertaker, but I do see what you are saying.
There has not been a star of that level since John Cena's rise to official face of the company sometime in 08-09. Nobody has even come close and this is shameful given the wealth of talent that far exceed Cena's skill as both a wrestler and an entertainer.
So where does the blame lie? Well, the answer is easy but the diagnosis is complicated. WWE is to blame for their huge lapse in creativity along with their narrow mindedness when it comes to talent. In recent years the immediate focus and creative interest has been on guys that are over 6,2 and weigh in at over 240lbs of lean muscle. The smaller, more realistic athletic looking wrestlers aren't seen as "star material" and are therefore left to fight purgatory. Some will find themselves on the rise due to their talent and sheer determination to succeed (CM Punk, Daniel Bryan, etc), whilst some will never break the glass ceiling and end up looking for opportunities elsewhere (MVP, Mr Kennedy, etc).
The problem is that everything centres around John Cena, there is nothing important that he isn't involved in. He is the most prominent person in the show intros, he is also the last person to appear (hold the WWE Championship I may add) in the Raw intro. He has headlined more PPV's than anybody else in the last five years and he seldom loses to anybody, thereby WWE is robbing themselves the opportunity to elevate talent by booking Cena to destroy them. The list goes on and on of the rising talent (or any stars with momentum) that Cena has beat clean and decisively or gotten the better off in the last couple of years:
2010
Sheamus
Batista
Wade Barrett
David Otunga
Darren Young
Skip Sheffield
Justin Gabriel
Heath Slater
Michael Tarver
Husky Harris
Michael McGillicutty
2011
The Miz
Alex Riley
R Truth
Alberto Del Rio
CM Punk
Rey Mysterio
2012
Kane
Brock Lesnar (debatable but Cena's post match promo fucked things up)
The Big Show
Chris Jericho
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Don't get me wrong, the problem isn't Cena himself, it's just the ridiculous booking along with the reluctance to change anything about his character to reflect the current style of storytelling in the WWE is what is ruining the main event.
This ain't a "hater" thing or a "smark" thing, it's nothing but observation and everyone will bring up the fact that in the days of old, the top guys rarely lost - WAKE UP this is the 21st century and wrestling has evolved or at least it started to in the early 1990's and slowed in the mid 00's before almost stopping in the 10's. The only way new stars will be made is if WWE creative diverts their attention from John Cena, gets over the muscle fixation and takes a more compromising stance when it comes to rising talent.