I want to start off by saying Punk is by far my favorite current wrestler (#3 all time), but with that said, no Punk is not bigger than the belt. I would still put Punk in that second tier class along with guys like Sheamus, Del Rio, and Orton. They all have names, but those names alone won't sell a PPV. It takes a long time to be put in that special class and IMO the only WWE full timer that can say he's bigger than the belt is Cena. Love him or hate him, that's truth.
This is exactly how I feel, as well.
If Punk were bigger than the belt, he'd have been main eventing PPVs with or without the belt, but certainly WITH the belt, and he wasn't. Bottom line is Punk can't sell a PPV. Sorry Punk fans, I'm a Punk fan but it's true.
Cena, Lesnar, HHH, Taker, HBK, Rock, Austin are top tier names of past and present.
Punk is in the middle of tier 2 with Edge, Foley, Randy Orton, etc..
And, just my opinion, but Sheamus is even one tier lower. Down there with Big Show and Kane. Daniel Bryan is in this tier but he's on the rise.
I honestly feel the reason Punk is so huge right now is that everyone else aside from Cena is just lacking that entire package. In fact, the one guy I'd put right under Punk if he'd ever REALLY get a chance is Kofi Kingston. The guy has mic skills and he just needs a better-defined identity to go with everything else.
Punk gets tons of credit for being his own man and basically pushing himself to super-stardom.
Here's the best test for answering the "Is he bigger than the belt?" question. Would you pay to see him wrestle someone on a tier below him? I wouldn't. Punk vs. Sheamus, Punk vs. Ziggler, Punk vs. Miz....doesn't stand up too well in a main event slot.
Will be VERY interesting to see the buyrates for Punk vs. Ryback (maybe I'll eat my words), but I think everyone buying it strongly feels that Cena and/or Vince will be making an appearance...with that outside chance Lesnar shows up, as well.