I'm going to have to go with the Intercontinental Title as the belt that has been completely shafted to the lower platforms of the WWE's priority list, and basically just undervalued to the point where you can call it utterly disrespected.
The main reason for this, is that over the years, the belt has rarely been used as a stepping-stone for mid card guys, nor has it been utilised as a way to garner interest for the mid card as it should be. The focus since about 2005, has been completely on the top belt, leaving the IC belt with no fuel to help get the champions and contenders over. Juxtapose this with the fact that there has probably been close to no wrestlers for about 4 years, that have been focused only on winning the championship, and not just some feud with the champion, where the belt is used meaninglessly to illustrate that the two actually have something to fight over, when this isnt the case, and youve got a perfect scenario to suggest that this belt means nothing, and when your own product is blatantly suggesting that this belt means nothing, you can be sure as hell that the fans wont care for it either.
Right now, I think the biggest disgrace is that, not only is the belt not being defended as it should be, it is just being stuck on Main-Event calibre guys for the sole point of being able to call them a champion. Case and Point, Jeff Hardy and Umaga. This is not helping them get over any more, and so the reason for placing the belt on them is not evident, but if I was to take a (somewhat educated) guess, I would say that the WWE does not have any other ideas other than to place them on people and hope that the fans forget about the belt, or for some reason think that the belt means more if top guys have it (we aren't stupid in that way, I'd hope). Putting the belt on guys who wont defend it, and dont need it, completely devalues a formerly great and sought-after title.
How to fix this? The first step, is to actually build a clear-cut midcard division. Right now, 95% of the Raw roster is just floating aimlessly around. Some prime examples of this are: Santino, Carlito, Burchill, Snitsky and even guys like Kennedy and Jericho (who theyve completely left in the cold when theyve had a main-even ready superstar in him). Solution? Build feuds around the IC belt (feuds between champion and challenger, and feuds between several wrestlers vying for the next title shot) with these guys. Santino and Carlito? The WWE just threw these two together and called them a tag team when they should be both individually trying to reach contendership for the IC title. Burchill? Give him time and get him in the ring against some credible opponents, and hes midcard material that they can use. Snitsky? Hes the monster that would fit effectively in the midcard. Use him that way. And finally, Kennedy and Jericho, two guys that deserve higher statuses, but arent getting it. The WWE obviously arent going to completely push them into the upper echelons of the Raw roster right now, and seeing as they are doing very little, give them a go with the belt. The IWC would basically drool over the concept of a Kennedy/Jericho feud, but, instead of using the IC belt as a side-issue to the feud, make it the focal point, the reason as to why these two are fighting each other. Basically, you have the challengers-in-waiting, and the two currently fighting over the title. When guys actually want to go for the title, you give it more purpose, more credibility. There are many steps to be taken to gain a quality mid-card, and to restore some much needed credibility for the IC belt, but the WWE has the tools needed to take these steps. Get out of your slumber WWE!
The reason I believe that the tag titles, although in poor shape, are not as disrespected as the IC belt, is that for one, whenever you see the champions (as rare as that is with Rhodes/Holly), they carry their belts, and they are recognised as the champions. You dont get any of this crap where the champions walk around without their belts, and never make mention to them. Also, the WWE at least tries different things with them. As stated in the first post I believe, there were 5 tag title holders in 2007. This is at least using the belts. This means that the belts were actually defended, and despite the fact that the belts were still rendered somewhat meaningless because of a lack of contenders and an unapparent tag division, the belts were still used on television, more than you can say for the IC belt. The Tag Titles even had a few (or just one) storylines around them. Remember the whole Hardys/Cade and Murdoch thing? When was the last storyline surrounding the IC belt?
Basically, both titles are unvalued, and have been for quite some time. The WWE dropped the ball several years ago, and havent been assed to pick it up again. Its time they did. The ratings arent flowing in, because you cant have two or three guys that are actually going for something (the WWE title), and have a point each and every week, and then just a bunch of people stumbling around like zombies to make up the rest of the roster. Wake these zombies (Kennedy, Jericho, Carlito and the other useful midcarders) up from their stupor by giving them an aim, a common goal. Actually try things with these guys in the midcard. Thats the place to do it. As of right now though, the first thing I see happening with the IC title is that it will either be rendered defunct, or just merged with the WWE title. Bad, bad, bad.
For the tag division, dont just throw guys together as teams because you dont feel like taking the time to build new, fresh actual teams. The WWE has lost their credible teams, yes, but that doesnt mean that the Tag Titles dont have to mean anything because theres no one left to go for them. Titles will get over if people are showing that they mean something to them. The WWE need to get out of this lazy, short-cut taking mood theyve been in for years, and start bringing in new tag teams and making an effort to get them over. This is the first step in re-creating the tag team division, and revaluing the belts. They seem to be doing everything they can to step around this.
Right now, if the belts arent the main focus for every single person on the roster, what is? The WWE arent giving their wrestlers reasons for getting out there every week and brutalising themselves. Especially when it comes to the lower guys. You want to make them stars? Make them credible champions. Credibility is hard to come by, especially since the WWE tries so hard to avoid this credibility. Jeff Hardy and Rhodes/Holly are not giving any credibility to their respective titles, for separate reasons. Long story short, the WWE is off in every sense when it comes to how they treat the titles. For RAW, the Intercontinental Championship is the most disrespected. The Tag Titles are a close second.