If the WWE lets Randy Orton walk out of the Rumble with the belt they missed out on a huge oppurtunity. I realize that Jeff isn't you ideal champ but the fans love him and he gives it his all nearly every match. I think there are a lot of ways you can get around this dilemma.
#1 is what used to be a common occurence but I haven't seen in a while... Jeff wins and pulls the upset at the Rumble. Only to have Orton win it back on RAW. It would give us a little taste with Jeff as champ which would be good to see how he responds to being the main guy for a night.
#2 is we can see Jeff get screwed by Matt who pushes him off the top and right into an RKO for it to only be revealed that Matt let jealousy get to him sending these two into an Intercontinental title feud at Mania.
Both scenarios would be good TV and if Orton walks out with the belt its a shame.
I think WWE needs to make Jeff champ tonight, and possibly have him lose it at No Way Out to Orton in a rematch due to Matt interfering. Matt could wrap up a US Title/MVP feud that night, and lose the title, show frustration, and as Jeff is about to win, sabotage his brother out of jealousy to set up a brother/brother match at Wrestlemania.
This does a number of things.
1) Still allows the Evolution Fatal 4 Way that I really think is going to happen and would really do good for the company.
2) Give the fans a tease of Jeff as Champ which they have been BEGGING for. Lets WWE see if this would be worth doing a good 3-4 month with in the future.
3) Finishes off the MVP/Matt feud that people want to see finished. (BTW, Matt returns to the Rumble tonight and him and MVP get into it there)
4) Solidifies Jeff in the Main Event, which is just good for business
5) Helps push Matt to the Main Event, which people also want to see.
6) Gives that nostalgia feeling of brother vs brother. Will make people remember Owen vs Bret which will be good. Especially if they induct Owen into the Hall of Fame this Wrestlemania which a lot of people feel like they should
However, I am not a WWE writer. FUBAR.
Now, as for Jeff deserving to be Champion. That is a different question. He has busted his butt off since his return, and before that he was one of the more dedicated wrestlers WWE had until his little downfall. Since his return, he has done nothing but skyrocket in terms of popularity and get better on the mic and in ring.
I don't know if he is ready to be Champ, but the WWE needs to capitalize on this opportunity. If Jeff were to become Champ, I think it would do a TON for ratings and sales.
Business is about taking risks and take advantage of opportunities when it presents itself. WWE has missed a lot of opportunities lately, and I don't think they can risk missing this one.