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I don't think it'd cause a huge ratings spike like Rock or Stone Cold or (sigh) even Triple H coming back, but Jericho back on TV would mean an entertaining and versatile performer who puts on consistently good matches. Thus, the quality of the show improves a little (hopefully), and thus, the audience stops leaving in droves.
Would Jericho single-handedly save the WWE? Almost definitely not. But he'd at least make one aspect of the show watchable.
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