In 1999, when The Rock was anointed as the Corporate Champion, the hand-picked face of the company by Vince McMahon, his first opponent was not Steve Austin - even though he was clearly the top face in the company. In fact, Steve Austin was feuding mainly with Vince and couldn't get close to The Rock or the title at that point. Instead, The Rock went back and forth with Mick Foley - he beat Foley to win the Title, then lost it to Foley on Monday Night Raw at the end of 1998. This led to the classic I quit match at the Royal Rumble, and the not so classic empty arena match during half time the night of the Super Bowl. As great as this feud was, as heavily invested as fans were in Mick Foley in 1999, this entire feud was nothing more than a means to keep Austin and The Rock away from each other for a few months until they could have the big payoff at WrestleMania.
The point is this - the reign of Triple H's hand-picked champion is likely to last at least through WrestleMania. Sure, Orton and Bryan could play hot potato with the belt between now and then as Rock and Foley did, but the totality of this angle is too big for the payoff to come before WrestleMania - and that payoff is clearly Orton losing the strap for good. Unfortunately for Bryan fans, he appears to be getting his chance at Orton now, and it's unlikely he'll find himself back in line for a title match in March/April.
So that leaves either Punk or Cena to join this program and take down Orton at WrestleMania. Certainly, the smart money is on Cena getting that opportunity since he is unquestionably the top face in the company. The problem with him, however, is that Cena vs Orton would be shit on by a lot of fans. Consider that the WWE wants a huge payoff - a huge reaction from the fans - when Orton drops the belt at 'Mania. Would they get that if Cena won - or would half the crowd boo? For me, that takes Cena out of the picture, and it inserts the only guy left standing - CM Punk.
So to answer your question - No, I don't think the WWE has lost faith in CM Punk at all.