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I think you answered a lot of your own questions by pointing out that he's been a steady competitor in the World Title scene since making the jump to Smackdown. Just because he's not the champion right now he's not going anywhere. He's in backstage segments with Vince. I'm pretty sure they're aware of the heat this man gets. But at the same time, this isn't the era where a heel keeps the belt and the face chases it for months. This is an era where the good guy always wins.
A lot of the IWC thought the sky was falling when Punk wasn't instantly made Champion of the Company as soon as he walked through the door. He's doing fine where he is.
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