Wow, I like this topic a whole lot, actually. In the spirit of the OP, I'm going to create my list based on the criteria that they followed in the old PWI issues from the 80s, where midcard titles automatically moved you up the ranking and being the previous champion did the same. My rankings will look rather odd...
1) Daniel Bryan - He stands at the top of the mountain right now, and as the WWE WHC he is the automatic number one in this format...and probably in any other format as well.
2) Bad News Barret - He just won the IC Title, and in the old PWI format that would make him the #1 contender and rank him number two on the list
3) Sheamus - Fresh off of winning the US Title, he would be the #2 contender
4) Randy Orton - The previous WWE WHC, he is the first non-titleholder on the list and has a rematch clause that hasn't been cashed in yet
5) Big E - Same deal as Orton, except he just lost his rematch, so he would be interchangeable with Ambrose.
6) Dean Ambrose - Just lost the US Title tonight, should get a rematch against Sheamus at some point (I doubt he'll ever cash it in) and he is in a high profile program as part of the Shield
7) Cesaro - This is where the list gets interesting, as there are a lot of guys that should be here, and ranking them would really require an algorithm I don't feel like writing right now. Cesaro is on a winning streak and getting a huge push
8) Bray Wyatt - Just beat Cena in a cage, and is the most entertaining thing on Raw right now. Could honestly jump up to 7 easily.
9) Roman Reigns - Can't leave him off the list, even though including him meant bumping Rollins
10) John Cena - Feels like he should be higher on the list, but in his current storyline there just isn't a realistic way to move him up.
Honorable mentions:
Brock Lesnar - Beat the streak, then disappeared (maybe this should be Paul Heyman by proxy)
Seth Rolllins - Deserves to be on the list, lost the coin toss to Reigns
There's my list. I'd like to see this become a recurring thread actually, as my list would change quickly once rematches are out of the way. Well done...