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They "most likely" didn't want to saturate the market with too many titles, which can tarnish importance if you've too many guys walking around with belts.
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LOL - I guess Champ Arquette and Champ Russo wouldn't have liked if there were too many other belts making their runs look bad somehow.
I do find it funny that WCW's continuity had it so that the TV Title was still in a bin months after it had originally been trashed by Scott "Alco" Hall.