WWE is not looking to add a third day to their television schedule. It is believed this will be a mix of both former ECW wrestlers and new WWE developmental wrestlers who have been working house shows under Paul Heyman.
Speaking of Heyman, he will be in charge of the ECW brand. The plan is to run house shows and some form of weekly television as well.
Dave Meltzer reports that it would likely be handled similar to the Superastros deal in the late 90s, with weekly matches taped before either the Raw or Smackdown tapings.