I haven't watched in a while, but I'm having trouble imagining it being worse than 1995.
Diesel was champion for more than ten months before he lost a match. Bret Hart was relegated to battling a kingly commentator and his evil dentist henchman. The good guys almost never lost. Crappy gimmicks were a dime a dozen. In addition to the aforementioned evil dentist, they had an evil hockey player, a minotaur, a plumber, a race car driver, a garbage man, a country musician, and a friendly clown with a little person doppelganger.
Granted, that was just one year. Wherever the WWE is at now, it might take them years to recover. But I have trouble believing that this is the worst the product has ever been.