[Transmission]

Raw and Smackdown generally take their ad breaks during matches. The wrestlers are already performing through the break for the live audience so I assume subscribers on the no ads tier will just be shown that bit.

That would require WWE to change to how they produce their feeds, as they fade to black during breaks, unless it's one where the US broadcaster is doing picture-in-picture ads, where they keep pictures running but mute the sound.

The Netflix deal is big enough that presumably they'll come up for something for Smackdown and NXT. And of course RAW will be produced for Netflix so they won't need to have breaks if they don't want to (though that begs the question of whether they'll provide break opportunities for the other broadcasters not covered by the Netflix deal!).