I have to admit that I was expecting Cody Rhodes to be pushed possibly up into the World Heavyweight Championship scene, perhaps even as a means of ultimately continuing his feud with Damien Sandow if he won the title & Sandow cashed in the MITB briefcase. However, when I look around and see who is being put into title pictures, or at least looks to be on the verge of being in a title picture, it looks to me like WWE is putting several of their most over babyfaces in the spot of challenger right now.
Two weeks from tomorrow night marks the return of Monday Night Football. As a result, I think WWE is trying to generate as much momentum as they possibly can in the hopes of cushioning Raw from suffering the kind of ass beating it got last year in the ratings due to MNF. One way they MIGHT be looking to do that MIGHT be apparent in some of the feuds. Del Rio's next opponent is Rob Van Dam, Curtis Axel & Paul Heyman are feuding with CM Punk and Randy Orton is up against Daniel Bryan.
Bryan, Punk & RVD are probably the three most over babyfaces on the WWE roster right now. Fans have responded very positively to RVD since his return and maybe WWE is going to take advantage of that popularity while they can. The terms of RVD's deal suggest that he's going on hiatus for a bit after he's been working for 90 days. So even though WWE might not have plans for him to be WHC for a long term, it's possible that he could win at NOC, Damien Sandow could cash in to take the title from him and then use both Del Rio & RVD to give Sandow a couple of high profile opponents for a bit before RVD heads off the road to rest. Even if RVD loses at NOC, Sandow could still possibly cash in and become a brand spankin' new, fresh face in the WHC picture.
As far as Axel vs. Punk goes, while it does look to be something of a step down for Punk, I think WWE is hoping that Punk's popularity will keep people interested in him feud with the IC champ. Paul Heyman is also someone that's consistently strong on the mic and is a great heel. So, given how he's screwed Punk out of the WWE Championship MITB briefcase and screwed him out of a victory against Brock Lesnar, people want to see him get his hands on Heyman as well. If he manages to win the IC title or if he doesn't, people will enjoy it if he comes out of the whole thing looking strong.
Daniel Bryan's situation with Orton is plainly obvious and really needs no guessing or explanation.
Over in the tag team picture, Show & Henry are both pretty over right now as babyfaces. They're easily the strongest opposition for Rollins & Reigns. As for Dean Ambrose, I think WWE will put him in a program against Dolph Ziggler. Ziggler was "punished" by being put in a handicap match against The Shield this past Monday, so I don't see Ziggler simply walking out of the situation.
So yeah, my theory is that WWE is trying to keep buzz & interest high in the top feuds by featuring the challengers as the top babyfaces, thereby hoping that MNF doesn't tear Raw a new one like it did last year. As a result, Cody Rhodes is probably going to have to play the waiting game a little while longer as, in all honesty, RVD probably is the more over of the two at this point.