While the WWE did an excellent job in covering his injury when it happened on television—Punk even finished the match—it seems the Voice of the Voiceless may be hurting more than thought.
According to FWOnline.com (h/t Wrestlinginc.com):
CM Punk has been pulled from all live events until WrestleMania 29 for a number of reasons including him being physically banged up. People, including Punk, are still downplaying the arm injury that he suffered in the RAW match against Kane last week. WWE officials want him fresh and ready for the big match at WrestleMania 29.
On the March 11 Monday Night Raw, Punk injured his arm during his bout with Kane. Several times during the bout the referee threw up the 'X' sign, indicating a real injury. The sign was never shown on television.
This is a smart move by the WWE. With Punk involved in a match with The Undertaker at WrestleMania, having him drop out weeks before could be disastrous. It would effectively leave the Dead Man without an opponent and the WWE with very little time to find a replacement.
Keeping him out the ring and on people's lips until the big event would be easy. The WWE could feature him in different vignettes or backstage segments with Undertaker's urn. This way his arm would heal and there would be no risk to his health.
Punk has generated strong heat from this feud, particularly because of his interruption of the Paul Bearer tribute. Things have gotten so hot that Jim Ross took to his blog to defend the angle. He wrote that:
Punk interrupting the final moments of the opening Paul Bearer tribute was villainy 101...The idea is to motivate fans to pay to see the villain get his ass handed to him and if that theory is accurate then WWE succeeded in regards to the Taker-Punk 'Streak' match at WM29.
It would be fitting for Punk to end the streak. As the longest reigning WWE champion of the past 25 years, what could be more capping to his career than pinning Undertaker at WrestleMania? It would be a wonderful thank you to the man who jobbed to The Rock at Royal Rumble.
Ross has gone on to speculate about a Punk win at WrestleMania twice and how it might not effect Undertaker. In one post he wrote:
So, does Taker being 20-1 at WrestleMania's adversely affect his legacy? Not in my view. However, does beating the Undertaker at WrestleMania essentially make Punk even more special? Absolutely. A Punk win at WM29 would essentially punch Punk's WWE HOF ticket and whether the outspoken Punk would admit it or not, being inducted into the WWE HOF is an amazing honor even for the most devout of individuals.
Ross is right. Undertaker could suffer a loss at WrestleMania and suffer no ill effects. But another loss for Punk could derail any career momentum he has.
After his lengthy title reign, Punk lost to Rock at the Royal Rumble and again at Elimination Chamber. Despite a victory on Raw in the match to determine Undertaker's opponent, he lost big matches to John Cena and Kane. It seems odd Punk would go on a long losing streak without some kind of payout in the end.
A win over Undertaker would be something that Punk could ride for the rest of his career. Even without any more WWE titles, he would be cemented as a legend.
While there is no official word as to what Punk did to his arm, it must be something remotely serious. His elbow was thickly tapped during his bout with Kane. At one point after dropping an elbow from the top rope, Punk was seen wincing in pain.