AEW does have a bloated roster. That said I think some of that will solve itself as most of the talent signed in year one will not be offered a new deal, while those that Tony Khan likes enough to keep around will make up the new Ring of Honor roster.
I don't buy the idea that they're signing too many ex-WWE guys. I mean yes they're hiring ex-WWE guys, but unless you haven't been paying attention everyone is an ex-WWE guy. There is a reason WWE have released almost 250 wrestlers in the last 2 years alone. WWE pretty much hired the whole independent scene over the last 5 years. Yet despite that every current title holder in AEW hasn't been in WWE, while the majority of the AEW roster is also made up of people that haven't been in WWE. So yes Tony Khan is hiring more ex-WWE talent, largely because it's hard not to at this point, but none of those ex-WWE talent are in top roles right now. This is not a TNA/Impact type deal, at least not yet.
I do think AEW have an issue with not letting storylines go though. What storylines are going on right now?
Adam Page vs Adam Cole which is mostly an Undisputed Elite title grab storyline right now. (I think that will transition after tonights episode of Rampage)
CM Punk climbing the rankings. He is on the path for the AEW Title, but needs wins to get there. (Basic storyline to keep him in a holding position while Page/Cole plays out)
MJF/Wardlow storyline with Wardlow trying to get out of his contract with MJF (This has been some of the best entertainment on Dynamite the past couple months, I can't wait for the eventual payoff)
Blackpool Combat Club storyline with Moxley, Bryan, Regal and now Wheeler Yuta. (Fantastic storyline right now punctuated by incredible matches)
Jade's unbeaten streak currently 29-0. That will likely be coming to a head at some point, will she make it 30-0? (Another basic storyline to get the TBS Title over. Hopefully whoever ends the streak is pushed to the moon)
Sammy Guevara and Tay Conti against American Top Team. This is a continuation of what Cody Rhodes/Brandi Rhodes was doing. (First real example of AEW not letting go. This should have ended when Cody Rhodes left)
Darby Allin vs Andrade featuring Andrade Family Office, The Hardys and Sting (This storyline will hopefully end next week, but it has dragged on for so many months at this point it's tiring)
House of Black storyline with Julia Hart (AEW needs to resume this as Julia Hart got the black mist like 4 months ago. I have heard of slow burn storylines, but she's been wearing that eye patch for months)
Jericho Appreciation Society vs Proud N' Powerful and Eddie Kingston (Basic storyline. I feel like AEW are dropping the ball on this one though as Jericho seems likely to win the feud)
Serena Deebs' blood feud with Hikaru Shida (This is one AEW should probably let go of soon, but the matches between those two are always great so I don't mind too much)
There are others that I'm forgetting. AEW do a great job of getting as many people as possible into storylines, I just wish they were better at dropping the storylines that don't work.
In the end though I think AEW is in a good spot. Has the shine worn off a bit? Yes, but AEW is also 3 years old now with next month marking the 3rd anniversary of AEW's first PPV Double or Nothing. We're not in the honeymoon period anymore so some things are not going to be as exciting and that's something that will take getting used to. Is AEW still relatively high quality entertainment? Yes, especially if we compare it to WWE which is massively average right now, but I'm curious to see what AEW does going forward. That said I'm still enjoying it even if the novelty has worn off a bit.