I get the idea, but instead of having a new championship for raw and one for smackdown when they already have enough problem with those they have. Why not bring back a new belt for the lower card guys that wrestled exclusively on Main event. At less it would make the matches on that show more intriguing and once and a while you could have feud on that show that would lead to a kickoff match.
As far as the smackdown side. i would first move the 205 live guys out of tuesdays after smackdown spot since they have nothing to do with smackdown in the first place, move the show on wednesday before or after NXT since it's the same audience that watch it anyway, also have the tapings at full sail. Then you could resurrect WWE Superstars and use it to put some of the more under utilized guys on smackdown and do the same thing you did with raw and create a undercard championship for that show as well which would lead to a kick off match on PPV or even better yet, go back to the brand only PPV. Have 6 brand only PPV and 6 dual brand PPV. On the brand only PPV, you could have those lower card wrestlers on the main card and on dual brand, they get the kick off.
It would be something different and would make the c-shows more interesting to watch, then having 2 throwaway match which repeats themselves every week like what they have right now with main even where tyler breeze seem to be stuck in a feud with jinder and the singhs every week and EC3 and apollo are trading wins.