There is no point in putting the belt on somebody who isn't red hot, unless they are a reasonably new talent who need that final boost to the main event platform that winning a world championship provides.
I have two words for you:
Great Khali
Indeed, but this can be attributed to business/political functioning because WWE were seriously trying to score a market in India at the time (they still are, but realised that Khali wasn't exactly a draw as champion).
Perfectly logical point. Jericho is however a proven comodity who can draw for the company on a regular basis.
However, I think Jericho getting the win at Maina would do nothing but damage Punk's claim of being the 'Best in the World'. Particularly since his contranct is undoubtably shorter than Punk's in the extreme.
Jericho could have retired in 2002 having done basicaly everything he ever wanted to do in wrestling... other than tag-teaming with Owen Hart.
I'm certainly not saying that Jericho *should* win at Mania, I just saw a flaw in your reasoning,

I shudder at the thought of Big Johnny as Sole General Manager!!! What was the point of getting Mick Folely back? I guess Mick just came back for the HOF thing...which I guess will be next year? I'm just tired of heel GM's...Rao...I sound like someone else in this thread now!!
Please. One is enough.
Course, you're slacking on the sheer quantity of exclamation points, horrendous grammar and terrible spelling.