From what i heave been reading about the situation Sky plan to keep Challenge and Living seperate and may even run them under the Living TV group, that would mean if this contract between Sky and WWE does provent any Sky branded channels showing TNA content they could do this on Challenge or Living.
Challenge is due to get an overhaul and while nobody knows yet i suspect it will have more of a general entertainment feel, Challenge have also done sports and live sports before so this would be nothing new.
Yes impact is a ratings winner, problem is Sky may have no option but to settle and let TNA move elsewhere. WWE would bring in far more than TNA due to PPV rights and stuff so Sky would not want to lose all that content for the sake of a 2 hour a week show.
As for not showing the content, it is perfectly legal to purchase and now show content. Or Sky could leave it so long (right til the end of the deal and show at 3am) it would hurt TNA as the fans would have looked to get the content online.
As for ESPN i maybe wrong about Sky having a share but am sure that at the time Setanta went under and the premier league right because available a topic was on here that Sky were working with ESPN to get them the rights as Sky had a minimal stake. I know Sky certainly advertise ESPM on their website a lot and while i know the control the marketing its a weird thing to do to activly promote a rival product without any interest.
it would be like the BBC advertising ITV shows between its shows.