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If they can find a babyface that people definitely want to watch, then that's probably more beneficial than having the belt on a heel just to mimic what used to work in territory wrestling, because you'd have a bunch of territory babyfaces that were built up. Omega is your territory babyface -- build him up. Hangman Page could be that guy in a few years, so while he shouldn't lose all the time, he can be the young guy with potential a heel like Jericho walks over to re-build him for title matches and the like -- eventually putting the guy over down the line, when you've pumped stakes and story into it.
I don't think there's one way to skin the cat in this situation. Jericho would not suck, from my perspective, as first champ. I just think it would be colder than people think to viewers that stopped watching WWE when Jericho meant something there.
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