Great thread. I've been a member of this forum for a while and have waited quite a lot to post, but I feel this is the right moment.
I think he will, and, if he really does, I have a good idea of how to do it. This idea, however, generates three problems, which I will get into later.
The Miz retains the title at the Royal Rumble. A returning HHH wins the royal rumble match.
CM Punk also returns as a wrestler at the rumble match and eliminates John Cena in a way which seems unfair (maybe with Punk stepping with both feet outside of the ring without any ref seeing it, possibly because they were distracted by some brawl).
At EC, The Miz manages to retain the title at one EC and, at the other one, CM Punk wins the WHC after pinning Cena, again in a way which seems unfair (such as an illegal object such as brass knuckles. Other than that, however, Cena and Punk won't have much physical contact during the match. CM Punk being the last participant to join the match and Cena the first could be a good way of doing that, while it also makes Punk's win feel unfair, because he was more rested than the other participants.)
After that, the two WM main events are set: The Miz (c) vs. Triple H and CM Punk (c) vs. John Cena. I think all four wrestlers involved could carry the feuds well, with solid promos, etc.
Now, let's get to the problems. The first one is quite obvious: Sheamus. The obvious right now would be for him to face HHH. With Hunter being busy with the title match, I think this could be done the following way: on the Raw after RR, Sheamus calls out HHH and says his win was unfair, that Sheamus put him out and deserves it more than him. HHH then challenges Sheamus for a match with the WM title shot on the line which would be done either that same night or the week after that, with HHH winning.
The second problem is The Undertaker. If he is able to participate of WM and the WWE isn't able to set up a match against Brock Lesnar, Taker would have no real big name opponent to face at WM who he haven't faced yet. He could face Del Rio or Sheamus, but I think this wouldn't be the right decision, specially because this may be Taker's last match.
The third and final problem is: the champions. I don't think the WWE would risk going to WM with both of the world titles being held by heels who aren't even established main-eventers yet.
I know this is a very complicated scenario and probably won't happen, but still, I can dream, can't I?