I don't think they have the flexibility to use the top belt for comedic purposes right now. With a full roster, they could use various feuds as underpinnings, but when they're stretched this thin (due to injuries, suspensions, lack of talent, AND 3 totally uneven brands) they need to use the status of champion as a means to a feud.
Creative has a big problem right now in that, well, they're idiots lol. The Hornswoggle angle has worked out rather nicely, surprisingly, but you can tell that they're scratching their heads and banking on luck nearly every week. Look at all the extra bs we've been given lately: Marella at the Movies, the Dating Game, the American Idol thing, a million backstage "I'm talking to Coach but nobody can hear me" segments, John Morrison trying his hardest to - but ultimately failing - sound tough on his rants, The Miz and Kelly/Balls in that terrible storyline, etc. Now apparently we're getting some musical performance? This filler stuff is getting ridiculous cause it isn't even GOOD filler, so if Creative is struggling that much as it is, putting the belt into a comedic situation is going to put an ulcer in all those stupid people lol.
The more I think about it, the more I'm certain we'll have one of the following matches:
1. Battle Royal with Orton as the winner
2. Battle Royal to determine who faces Orton later on in the evening, with Orton winning
3. Orton vs Kennedy, with Orton winning
And for the life of me, I don't understand why so many people keep thinking that Jericho, Edge, HBK, Lashley, RVD, Mysterio, JBL, so forth would be given the title when 5 of them aren't even active roster members right now, one isn't a wrestler anymore, and the other one has Vince saying he doesn't want to put a title on him anymore PLUS he's on a different brand. If you're going by that logic, you might as well say Bret Hart is going to win it lol.