The Hollywood Reporter, of all things, is reporting that WWE Raw will almost certainly remain on the USA Network while SmackDown is still up in the air. According to the report, NBCUniversal is extremely close to finalizing a deal for Raw that's triple the value of the current deal.
As for the blue brand, the report states that NBCU declined to renew a deal with SmackDown and WWE is shopping it around to other networks with speculation being that it'll wind up on the Fox network or Fox Sports One. I've read in past articles that WWE's current deal with NBCU is worth about $235 million a year, which I'm guessing includes Raw and SmackDown. I've also read that NBCU paid $30 million for the right to SmackDown back in 2010, which I'm guessing that they only pay $30 million a year for the blue brand leaving the other $205 million for Raw. IF they were paying $205 million a year for Raw and IF the new deal goes through at triple the value of the new deal, then that comes to about $615 million.
It's entirely possible a lot of information was missing from the brief report as it seems difficult to believe that NBCU would be willing to pay $600+ million for a single show. At the same time, however, there were reports out as late as last month alleging that Fox was willing to offer or had offered WWE around $460 million a year for TV rights. One thing that does seem to be the case is WWE has a lot more leverage this time around than when they signed their current deal.
As for SmackDown, I suppose there's always a real possibility that WWE isn't able to land a TV deal for the blue brand. I don't see that happening at all but, if it does, then WWE is going to have to reorganize its entire TV format as even a 3 hour Raw just isn't remotely enough time to adequately feature a roster of WWE's size, which is well over 100. As I said though, I don't SmackDown failing to get itself a TV deal and there's still quite a bit of time left to do it as WWE's current deal doesn't expire until September 2019.