As I am sure Farooq, Savio Vega, Kurrgan, Crush, Wade Barrett and CM Punk totally agree with you... (CM Punk after taking over New Nexus, and while in SES was not a World title holder.)
Seriously though if they were going to do this, Christian should not be the center piece. A loosely affiliated group of wrestlers who together want to take out Randy Orton, and then fight among each other for the pieces left behind. The Coalition; Christian, Sheamus, Mark Henry (Or maybe Wade). The group decide that they can never truly succeed as long as Orton is there, and they personally decide to take him out. Or, The Coalition could be Cody, Ted and Christian, all people who feel their career's greatest moments where destroyed by Randy Orton. Could mix in some Sin Cara and Daniel Bryan to start establishing them in the upper ranks, and let's face it Cody is ready.
Just cause I propose this though, does not mean I think it will, or should happen. But, if it had to, at least do something semi worthwhile with it.