In a world where the sale went through and WCW wasn't dropped from Turner networks, I'd say there's a good chance it basically became what TNA became.
I believe RVD, Kid Kash, and Steve Corino were pretty much locks from ECW. They had already been working with guys like Chris Daniels and AJ Styles, Chris Harris and James Storm were used frequently as extras/security guys for much of 2000 and 2001, Harris had been working on the weekend shows for most of 2000, Storm also worked the weekend shows in 2000. Sonny Siaki was from the Power Plant and worked on Saturday Night. One of the Naturals was also doing a lot of extra work and weekend shows as well, so they had the Tennessee indie scene guys connection, they had the super indie guys connection, so I think it is fair to think that guys like Red, Low Ki, Abyss, Daniel Bryan, Spanky, Joey Samoey and all those other early TNA/ROH guys that WWE had no interest in at the time likely would have been WCW guys in 2001-2003.
Most of the big names (Nash, Goldberg, Flair, Steiner, Luger, Sting) all had their contracts running out in 2002-2003 and there likely wouldn't have been money left to re-sign them, plus they were already old and busted anyway, so you likely would have had a core WCW that was basically the 2002-2003 TNA roster + RVD + Rey + Kidman + Lance Storm + Thrillers + Chavo + Hurricane and maybe they could have picked up Eddie Guerrero.