I can think of no less than 10 people who I'd rather see as champion.
In fact, I can think of 7 or 8 guys on Raw alone. Cena, Orton, JBL, Jericho, HBK, Batista, Jeff Hardy...I would rather see all of them than HHH.
Batista isn't on Raw. Hardy I would love as well, but it is going to be a long time till he earns enough trust to be back there after he fucked up again. JBL would be a terrible champion. Michaels will probably never be again unless they give him one last run before he retires.
The only other one is if they ever decide to give Kennedy his push that he is still waiting for.