It has been a long time since I haven't been able to see a clear cu favorite going into the Royal Rumble, but I have a guess. I don't think it will be Shawn Michaels or Triple H. Nor do I think it will be Batitsta or John Cena. If I were booking, this is how it would go down.
HHH and Shawn Michaels cause each other to be eliminated setting up a feud that will culminate at WrestleMania (a side benefit is the dissolution of DX). Big Dave Batista will interfere with The World Heavyweight Title Match and cause Rey to lose thinking that he will fight the Undertaker at WrestleMania. However, this will only set up a match between Rey and Batista at WrestleMania in a cage or another type of match to end this feud. This leaves the Undertaker without an opponent for WrestleMania. Enter John Cena. In my mind, he is the only one who can be booked, logically, to make it seem like he can beat the Undertaker. Hell, put Bret Hart as his training partner and show us endless packages on what he is doing to prepare for The Undertaker. This leaves the WWE Championship.
I think we can all agree that there is no way Sheamus is going to walk out of the Rumble with the title. So it is Randy Orton vs. the winner of the Rumble - CM Punk. You see CM Punk preaches a straight edge lifestyle and portrays himself as a role model. Which is why is all the more heelish when Luke Gallows and Serena cheat to help him win. Challenging Orton would put Punk on RAW. This would also give Luke Gallows the rub by having him venture off on his own (with Serena as a valet for now) instead of just being a second to CM Punk.
I don't know, just some thoughts.