If I had to guess, right now, Orton will be involved with the World Heavyweight title match at WrestleMania 28. He's the biggest star on Smackdown, and I don't see him making the switch to Raw, at least not prior to WM28. Will he be the challenger? The champion? No idea. Either way, he's in that match.
Who will he face? It's so far away from right now that whatever I say really means nothing, but here are a few options:
Chris Jericho - Could be Jericho's last change at a title match at WM. He and Orton have unfinished business, and the two are never boring together. I could see this feud being a big deal from January through WrestleMania, no question. I'm not sure there's a better opponent for Randy than Y2J.
Cody Rhodes - If they want Cody to be the next big WWE heel, this could be the way to go. I'm sure the match would be great, and the feud, given their history, would work really well. But will Cody be ready for that spot? A lot of people didn't believe Miz was, and maybe he wasn't. But, he was there. This shows WWE isn't afraid to pull the trigger on an up-and-comer. It isn't quite as flashy as Jericho/Orton, but I think it would be a fantastic feud.
Alberto Del Rio - He's on Raw, but could easily be shifted back to Smackdown, one way or another, around Royal Rumble/Elimination Chamber time.
Personally, I'm hoping Del Rio fades away, but that's not likely. With Cena/Rock inevitably dominating the Raw scene, ADR might make the switch. I've heard ADR has said he wants to break The Undertaker's streak, so that might be where he ends up. But I think it's certainly possible he ends up battling Orton for the strap.
The Miz - Basically his situation is identical to Del Rio's. He's on Raw, might not have anything big to do, could easily jump to Smackdown. In all honesty, I can see Miz (or Del Rio) winning the WHC prior to the Royal Rumble. Orton doesn't need to go into WM as the champion, and could easily get himself into the Smackdown main event through winning the Rumble, or the Elimination Chamber.
Batista - Doesn't seem likely, given he isn't even with the company right now. But, we all know he's going to want to return at some point, and what better opponent for Orton? They have history, their matches haven't sucked, and Batista's the biggest name on this list (probably). If you think Vince was obsessed with making WM27 a big deal, hold onto your shorts, because I think this is going to be even more important to him. Cena vs. Rock shows that Vince isn't nearly as concerned with putting the young guys over as most IWC members may want to believe. Big stars mean more, as they should.
Other possible opponents, but not as likely; Wade Barrett (God, I hope not), Sheamus, R-Truth (would've sounded absolutely insane 2 months ago), and John Morrison.
- I didn't add Undertaker, or Christian. Why? Taker and Orton have already fought, and I'm not sure WWE wants to pull the trigger on this feud again. If they do, I'm fine with it, I just don't see it. Christian and Orton is possible, but I think they may have more to do with one another this summer, and that would make a match at WM unlikely.