TVPG = This program contains material that parents may find unsuitable for younger children. Many parents may want to watch it with their younger children. The theme itself may call for parental guidance and/or the program may contain one or more of the following: some suggestive dialogue (D), infrequent coarse language (L), some sexual situations (S), or moderate violence (V).
TV14 = This program contains some material that many parents would find unsuitable for children under 14 years of age. Parents are strongly urged to exercise greater care in monitoring this program and are cautioned against letting children under the age of 14 watch unattended. This program may contain one or more of the following: intensely suggestive dialogue (D), strong coarse language (L), intense sexual situations (S), or intense violence (V).
According to these definitions the main difference between the two is the amount of suggestive dialogue and coarse language, and the intensity of the sexual situations and violence.
It doesn't mean there won't be any bad language or sexual content, but it will be toned down and less frequent to make the show more family friendly.
I thought with all the bellyaching lately I would put it down in black and white for everyone to understand. It is more of a subtle change and not as drastic as some may fear.
WWE PG is here to stay folks, we need to get used to it.
With the PG rating, I see the future of the WWE being somewhere between the "cartoonish Hulkamania era" and the "over the top Stone Cold era".