The gist of these theories is that Watergate was perhaps a CIA induced scandal to draw attention away from the more sinister operations of the Agency. Liddy and Hunt maybe intentionally botched the burglary in order to take down Nixon? It is pretty incredible that they took pictures of themselves outside of Daniel Ellsberg's psychiatrist's office before carrying out a burglary there--and then had the pictures developed by the CIA.
It all does sound so innocent--bugging, burglaries, disguises--in comparison to international drug smuggling, killing millions of innocents, coups, assassinations, etc.
The other level of theorizing in the links below is that Daniel Ellsberg also released (or was encouraged to) the Pentagon Papers in order to distract the country/media from the more serious black ops, such as CIA linked drug smuggling. The "revelations" in the Pentagon Papers are pretty tame compared to what most of us know about. His best buddies in Vietnam, according to this article were CIA agents possibly involved in drug operations, namely Lucien Conein and Frank Scotton. He was in Vietnam as part of a team headed by Edward Lansdale (CIA), and I have no doubt that he probably associated with other agents there.
But when I read his book, I did notice that he gives the CIA a free ride--almost no critique. He's also very secretive and obscure about certain times and associations.