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Giving Flair the title did a number of things:
Helped get him more over as a face
Elevated the title in theory as he's a former 16 champ (not the greatest argument granted)
The feud with HHH has given the belt a higher profile on the show
The fact that Flair has the title means that HHH won't go over, that's a great reason!
In short, Flair deserves something for his efforts in the WWE, the guys better now than he was 5 years ago when WCW was folding, which is incredible really considering his age. He can't really have the world title again, so this, this is like his world title 'thank you' run. Much like Hogan's last world title run.
After SS when the mid carders need feuds the title will be passed along again, but right now I don't really see a major problem with it being on Ric
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