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Looking it up, it looks like when the whole thing was created, Hogan gave Aries option A (Giving up the title for a World Title match) and option B (keeping the title) and Aries said "How about option C. Where I give up the title for a World Title match but you give the X Division champion before Destination X the same opportunity every year."
So basically, it was just a passing comment made by Aries and it makes no sense for them to call it "Option C" now since the rule already exists.
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