Personally, I think that is a really solid idea. According to the article Good Ol' JR, Jim Ross, is scheduled to meet with the NFLPA today to market WWE as a fallback plan in case their football dreams do not materialize.
The article illustrates perfectly why this makes sense for WWE:
From the WWE’s perspective, it’s easy to see why this makes sense: Pro wrestling needs big, strong, agile athletes, and football produces lots of those. And some of the guys cut by the NFL would bring name recognition from their playing days into the wrestling ring.Of course you're not going to be a success in many or any industries without some passion for it. I'm sure WWE's process will effectively weed those guys out though. I have no doubt this could be a positive for WWE.
This thread on WCMB is where I saw the article. The responses within touch on some other issues that point to this making sense for WWE.