I just finished up watching the WWE Greatest Rivalries DVD that featured the Bret Hart and Shawn Michaels controversy and, apart from being an absolutely phenomenal piece, both guys talk a lot earlier on about the legacy of championship in the WWE. Bret is well known for being a honorable champion, and almost taking the prize "too seriously" by a few - indeed there are some who see it as nothing more than a prop to get a guy "over". But what really hit me was how in the late 80's to early 90's the Intercontinental championship was what Shawn referred to as the "workhorse's title", while the WWF Championship was awarded to only those the company felt could carry the proverbial "ball".
When guys like Bret and Shawn got the World title, it was a sign that management finally took somebody their size seriously enough to place the company on their shoulders. People would come to see a WWE Championship match - the belt just meant more to both the fans and the wrestlers who held it. In a lot of ways I think the CM Punk's and Chris Jericho's of the world understand that mindset, and that is why I truly believe they SHOULD be fighting over the WWE title at WrestleMania, rather than Rock and Cena.
There is one huge "draw" at WrestleMania, and it is the Rock vs John Cena in the final main event of the evening. They've built the event around it for over a year now, and no matter what happens that will (and rightfully should be) the all-important focus of the PPV. There's a chance that making the match for the WWE Championship would put more focus on the belt and help rebrand it as something that matters again - but there's also a greater chance it won't actually effect anything. As much as I hate to admit it, there are certain icons in wrestling that ARE above the championship belts. John Cena is one of them, the Rock is another. Guys like Hulk Hogan, Sting, Ric Flair, Steve Austin, and the Undertaker don't need to hold title belts for their matches to be a huge deal - they've effected the industry and its fans in such a way that their career and legacy is almost a championship in its own right. Much as I don't think Cena has reached the level of impact as some of those men listed (truly debatable, I know), I do think he's reached a level where a championship isn't necessary to face the Rock at WrestleMania.
Punk and Jericho are fighting over the title of "Best in the World". While Cena and (to a lesser extent) the Rock personify that golden age of huge (both in name and stature) wrestlers, ala Hogan, Andre, Warrior, etc., Jericho and Punk personify the age that came after it. An age of Bret Hart, Shawn Michaels, Mr. Perfect, and more that changed the way the industry works. Cena and Rock might bring glory to the WWE title by name along, because that match WILL be huge. But we're better off seeing two technical work-horses like Punk and Jericho feud over the WWE title - it's their breed who rebranded the belt years ago, and its likely their breed who will do it again.
Punk and Jericho is all about figuring out which wrestler is the true "best in the world". And whoever holds the WWE title, whoever walks away victorious in that match will have claim to both the figurative and the literal title. It makes sense, and in its own way I think it brings a lot more prestige to the belt than the alternative.
Rock and Cena is about the colliding of genres, decades, generations, and demographics. This isn't about the future of the company, who is carrying the ball, or anything like that. It's simply fan-service; giving back to the fans for their years of support for both competitor. Neither Rock nor Cena NEED to do this match. As the streamlined ratings have shown, the WWE as a company doesn't NEED to do this match. It's pure and simple fan service, and it's going to rake in a shit ton of money in the process.
