Those ratings numbers are a bit misleading. First, there are more households now than in 2001. Second, the ratings drop over the last two years or so can be attributed to them expanding the show to 3 hours which was USA's idea and USA is happy with it.. That does not have an affect on these negotiations.
Finally, RAW is still one of the most consistent draws on cable television and networks are desperate for live programing because its the only thing that can withstand DVR and file sharing.
I don't think WWE will get that much of an increase on a new deal but I would be shocked if they don't make out good on it.