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Could you be a transient main event player? Sure thing. Like Fofiddy said, the Nexus were arguably the main heels on Raw for the past couple of months.
But I don't think its possible to be an extended main event player nowadays without holding the top title at least once. Quite simply, if the company is booking you at the top of the card nowadays, they're going to throw the title on you at least once. For better or for worse, a lot of the "big feuds" these days use the title as a prop. Take Undertaker/Kane...the title means jack in the feud. But if you're going to get big time storylines at some point or another (and you're not named John Cena), one of those big stories will either revolve around, or contain in some manner the title.
Its not that you can't be main event material, its just that in today's industry, and especially the WWE, its almost impossible not to have a main event spot without a main event title at some point.
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