They will go back to one title in August.
Why? Because that's when the current scratch logo will be completely phased out in favor of the new WWE logo currently being used for the network. Once they have the new logo, they'll need a new title as the current WWE title is still sporting the old scratch logo design.
My prediction: The new title will be revealed the RAW after Summerslam. It will be unveiled by Paul Heyman and presented to his client, and new WWE World Champion, Brock Lesnar.
I agree with all of this until the end. The likely outcome is that one new title is unveiled once the old logo is completely phased out - and that moment will likely occur around SummerSlam. Furthermore, I agree that the new belt will be unveiled for the new WWE Champion the night after SummerSlam. Where I differ is that the new champion will not be Lesnar. It will be Roman Reigns.
Don't lump me into the category of people who thinks the guy is ready at this moment - who wants him to be given the belt right now. I'm just of the mindset that 1) the current story points in that direction and 2) Brock Lesnar carrying the title through four B-level pay-per views (NOC, HIAC, Survivor Series and TLC) is NOT the way to maximize what is a contract centered around a very limited number of appearances.
The reason the story points in the direction of Reigns is because The Shield is acting as the psuedo-protectors of Daniel Bryan. Roman Reigns is the muscle behind the group, and thus, by extension, he's the muscle protecting Daniel Bryan from The Authority. The most dramatic action in this story would be for Bryan to be double-crossed by a friend...
Given that MITB is a few months away, and that Reigns is on the short-list of breakout stars, there's a good possibility that he walks out that event with the briefcase. Doing so would add a layer of distrust between Daniel Bryan and the muscle protecting him... It could also lead to a cash-in at SummerSlam once Reigns interferes to help Bryan defeat Lesnar (I'm sure that match WILL happen.) Costing Lesnar the title provides Lesnar and Reigns with a ready-made program that could culminate with Lesnar defeating Reigns for the title at The Royal Rumble. Lesnar winning the title at the Rumble works along the confines of his perceived schedule - and catapults him into the main event of WrestleMania 31, a place most of us assume he'll wind up after ending the streak this year.
------------------------------------------------------------------
All that said, the WWE should NEVER have two titles again. In fact, the WWE shouldn't even have two mid-card titles. There's simply no reason to have more than one world champion and one mid-card champion. Some argue that having just one title makes it harder for guys to get over, but I'll argue that anyone who needs a title to get over isn't worth the trouble - you get over, and then you get a belt; not the other way around!
Furthermore, the existence of multiple titles at each level hasn't worked in more than five years. The existence of the WHC made the IC and US belts completely worthless because any new talent with any potential bypassed the mid-card and was hot-shot to the WWE/WHC title picture. As a result, the mid-card belts were always held by guys who the WWE didn't know what to do with ... and the belts were made completely worthless because the writers didn't come up with anything for those champs after giving them the strap.
You want a solution to the "problem" of not having TWO world champions? Get rid of the US Title and place a higher emphasis on booking the IC belt. This tournament is a damn good step in doing just that. It adds value to the belt because, for the first time in years, actual-established superstars are vying for a shot at it. I remember a few years ago when Cody Rhodes held the IC Title and feuded with Randy Orton - they wrestled a series of matches, none of which saw the IC belt defended. The same thing happened last summer between Punk and Axel. What's it say about a belt when the top stars are feuding with the champions and never once care to ask the champ to put the belt on the line?! Seeing former champs like Sheamus, Del Rio, Henry and RVD - along with a guy like Cesaro, who we're pretty certain will be a world champ sooner than later - compete for a shot at Big E's belt is a welcome sign.
If the WWE continues that build, then you won't notice the lack of a second world title. The mid-card belt will simply fill the void like it used to.