Not a fan of combining the titles. There are a lot of positives, but one huge negative always sticks its neck out at me. Assuming that there are still different brands, you will have to have the champion go back and forth to each show. Meaning one show will have a shot per ppv (Like before) and while Smackdown has the title shot Raw has lost that main attraction. When Raw has the title shot, Smackdown will lose the main attraction. Basically one show will be almost pointless (main event wise) every other month.
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