For starters, long deep, intensely feuding reigns are in order. The title cant change every 2-3 months like clockwork, but every 5-6-7-8 months. And feuds need to be built around it that have massive blow off matches and are high in drama and intensity. Not only will this add credibility and interest to the belts but it will help to restore their original function, which is testing a person's overness with the audience and ability to possibly hold one of the world titles.
Go back to 1996-97 and who will you see holding the IC Title...The Rock, Steve Austin, Triple H, and Owen Hart, 3 of which enjoyed lengthy reigns in the World titles. It would see a dip in credibility in the next few years until...
2000 when Chris Jericho, Chris Benoit, Kurt Angle, and Eddie Guerrero all had reigns with the title. All 4 of these men would eventually launch into the world title pictures.
Its no longer a means to the Main Event as it is just a midcard accomplishment. Its de-evolved to what it once was back in 98, and has been this way since 2003-04 when RVD, Booker T, and Randy Orton would enjoy reigns with the title on their way to World Titles.
Lets look at the holders of these belts in the last 4 years for the IC title...Heres a list...Since 2005
Ric Flair, Shelton Benjamin, RVD, Shelton Benjamin, Johnny Nitro, Jeff Hardy, Johnny Nitro, Jeff Hardy, Umaga, Santino, Umaga, Jeff Hardy, Chris Jericho, Kofi Kingston, Santino, William Regal, CM Punk, JBL, Rey Mysterio
If we eliminate people who had held the world title before holding this, Flair, Jericho, Punk, JBL, and Mysterio can be eliminated from the list.
In 4 years the only world champ the IC title has produced was Jeff Hardy, and even then his reign lasted a whopping one month. Look at the other names...Nitro, Benjamin, Kingston, Santino, Regal and Umaga...Is any one of these people doing anything meaningful at the moment? The WWE is not capitalizing or utilizing any momentum these people gain from being IC champs in a productive way. If anything, each one of them has downgraded since their reigns and are just being lost in the big scheme of it all.
Putting the belt on world champs will not add cred, in fact it does the opposite. It destroys cred by making the rest of the roster seem unworthy to even hold those belts.
This is merely the IC title however. The US title has had long reigns (very long ones) and since 05, has produced 1 person who won a world title (Booker T if you dont count his WCW titles...) 2 if Lashley's ECW title counts...Its biggest holders in MVP and Shelton Benjamin were never elevated upon losing the belt or during, but merely just there. Heres to hoping MVP's current reign springboards him to the main event.
This post is Tl;dr, but Im off my shpeil (misspelled) now.