Unlike many people in the IWC, I don't have a problem with booking John Cena as the WWE Champion.
Cena is the face of the company, whether we want to admit it or not. As champion, he exudes the rare balance of being over with the crowd and generating serious heat.
But seriously, enough is enough. Booking Cena as champion every other time the title changes hands does absolutely nothing. It doesn't establish him as a dominant champion, and it doesn't let him evolve in any feuds that don't involve the Championship.
Money in the Bank is one of the most important PPV's of the year, it allows the winner of each MITB match almost a guaranteed Championship reign. Agree with it or not, Alberto Del Rio was booked to win the match, and eventually cashed it in to become champion at Summer Slam. After defending the title once on RAW against Rey Mysterio you would expect Del Rio who, the week before had convinced the locker room to attack Cena, to pull a dirty tactic and escape NOC as Champion. Wrong. Cena won again for his twelfth WWE title reign.
Let's look at what the WWE Title has been doing in recent months. Cena was champion going into Money in the Bank where he lost the title to CM Punk. Then, since Punk was believed to have left the company, an eight man tournament for the Title was held on Raw, culminating in Rey Mysterio defeating the Miz for the WWE Championship. Later that night, Cena defeated Mysterio and took the title back from him. Then CM Punk returned and there were two champions, Cena and Punk. After Punk beat Cena in controversial fashion at SummerSlam, Alberto Del Rio cashed in his Money in the Bank contract after Punk was attacked by Kevin Nash to take the title. Finally, at Night of Champions, Cena took the title back once again from Del Rio.
Confused? Let's recap, Since May the title has gone Cena-Punk-Mysterio-Cena & Punk-Punk-Del Rio-Cena. That's eight separate title reigns in three months. Three from Cena alone. This does nothing to give the title any relevance and is a classic example of overbooking by the WWE.