I assume that you mean Hogan's second run in 2009. It would take some creativity but the opportunity to take on WWE to some degree existed in 2009. I doubt that WWE could be toppled, but WWE had a dearth of talent at that time and wasn't yet buying up everyone from the independents that they could find. What they should do in this scenario in 2009:
1. Change name to something not ridiculous.
2. Keep Styles, Joe, Roode, Shelley, Lethal, Angle, Storm, Homicide, Consequences Creed and build around them. Old WWE and WCW guys are released. Russo, Dixie and nearly everyone backstage released.
3. Bring in Heyman and give him a prominent creative position, possibly booker. Do not let him be in charge of business decisions, just creative.
4. Use Heyman connection to bring in Lesnar in 2012. Having Heyman and a ton of money in this scenario I am certain that Lesnar could be had. Lesnar gives instant mainstream attention.
5. Bring in Hardy brothers as happened in reality.
6. Cultivate, instead of messing up, the NJPW relationship. This should give first TNA access to English speaking NJPW talent (like Devitt eventually) and would allow TNA to co-opt a lot of the current NJPW popularity in North America. NJPW is very conservative business-wise, so the partnership may allow TNA to use NJPW talent and put on the PPVs that NJPW is now starting to put on in North America.
7. Aggressively pursue the prominent indy guys that were still available in 2009. Tyler Black, Jon Moxley, Austin Aries, Claudio Castagnoli, Ricochet, Kevin Steel, El Generico, Kenny Omega were all available. Add those guys and the roster is loaded. Continue pursuing these guys in the future, and if the guys that were previously hired were treated right then I think TNA could continue getting the best indy guys.
8. Go after quality disgruntled WWE guys, though with increased competition and a weakened roster some guys (Punk, Rhodes) may be given a more prominent push and be harder to get. Specifically go after Punk in 2011.
The roster with those wrestlers I listed would be far superior to what WWE had and has had since, especially with a sprinkling of top NJPW talent mixed in. Heyman is far superior to Stephanie in terms of creative. Lesnar is a big draw. TNA actually did have a lot of talent in reality, but as we all know it was mostly squandered.