For one brief moment, I though the writers had made sense and were going to make Santino a proper superstar—that they were going to fill the next 60 days with Santino training, maybe getting a mentor as he prepares for his big chance.
He could have gone on Raw the next night stating how he his the greatest and challenging anyone to face the great Santino, at which point, out comes Sheamus (or similar), who gets taught a lesson.
The next week, out pops a legend, cuing a few weeks of comical training skits, and then he comes back to raw and beats a few guys in a row. This would setup an excellent underdog story for WrestleMania, and although he probably wouldn't have won, we would have been left with a Santino capable of being a viable superstar in the future.
Because he does have the in-ring skills but isn't allowed to use them and he clearly has the mic skills, at the moment, he is a joke. He is stuck as a bubbling fool who gets wins by dumb luck or other people's effort.
Of course, with every second that ticked by, it became very obvious Santino wasn't going to win—he failed to take advantage of the confusion, and even after hitting the Cobra, the over-celebration made it clear he wouldn't be main eventing the granddaddy of them all.
Del Rio isn't over with me, and his in-ring skills have hardly set the world alight, but there is plenty of time before WM, as Santino could have proved.