WWE is planning a women’s tournament, which is tentatively named the “World Women’s Classic.” The tournament is slated to kickoff in January or February.
Originally the Cruiserweight tournament was going to lead to a cruiserweight show that would be exclusive to the WWE Network. Since the call was eventually made to make the cruiserweights exclusive to Raw, the company was then considering doing a WWE Network exclusive women’s show instead if the tournament went well.
But at that time, the plan wasn't to have separate Raw and Smackdown women's divisions. So now that Raw, Smackdown and NXT all have their own women's divisions, a fourth women's division on a network exclusive show really wouldn't make any sense. So the company is trying to figure out what the purpose and goal is of the women's tournament at this point.
Triple H and Stephanie McMahon are “gung ho” about doing it, but the "prize" for the winner and how some of these new women would be utilized when the tournament is over still hasn't been figured out.