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I think it speaks louder that they don't have the reigns. They are, in essence, equal to titles. Beating them is just as big as winning a title.
The titles should be put on current stars. They shouldn't put them on people just to inflate title numbers, they should be put on people who don't have that kind of status to give them a bit of a bump in status and to show the fans "yo, this guy's the real deal".
That said, the titles are a mess anyway.
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