They probably would've competed at TLC, with the WWE Title match being Punk/Miz/Truth. Their individual title aspirations would spark tension between the two. There probably would've been a spot where Miz & Truth would end up both climbing the ladder for the championship, and arguing over which one of them would take it. Punk would capitalize on the dissension and win.
The Royal Rumble match would have still started with Miz, Riley, and Truth, but instead of Riley being eliminated early, Miz and Truth would gang up on Riley and single him out for a large chunk of the match, until Miz accidentally eliminates Truth. They'd break up the following night, with Truth turning on Miz out of resentment for his media appearances, accusing him of being part of the conspiracy all along. Truth would be the heel and Miz would be the face in their feud.