To be clear, I agree with you that WWE is not a sport.
But the counter argument that I have heard which I find the strongest, is pointing out the extreme physical endurance and strength that they have in order to complete their routines. It does take a pretty high level of athleticism to accomplish what they do.
I think that's a strong argument, but I don't think it's enough to make it a sport. It takes an extreme level of athleticism to do plenty of things that we don't consider sports
The Jets are not favored to win many of their games. The expectation is that they lose.
There are multiple teams where mediocrity would be seen as an improvement.
However, people buy the jerseys, go to games, etc.
Things like the Combine and draft are becoming events on their own. The games are only there to provide the structure for why we should care about one group over another.
There's an enormous amount of money commanded by F1 racing. There are only three, or maybe four, teams that have any chance of winning a race. The other six or seven teams battle to just end up in the points because that determines how the revenue gets shared with the teams.
I suppose there's an X-factor in wrestling in the live physicality of it. There could be planned story events that can't be delivered due to injury or physical error. If a wrestler breaks a leg or seriously dislocates something mid-performance, it's going to be difficult to justify slapping a belt around them at the end.
With "One Life To Live", that sort of surprise is less likely, and they can reshoot it if necessary.