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No Punk is not a paper champion. He's doing the best with what he is given for opponents and his feud with Ziggler has been amazing.
The issues with Laurinaitis does feel tact-on but it also has been slowly developing to a potentially big pay off. Then again the feud is basically a restart of the one Punk had with Triple H's authority which ended up being rushed too fast and making it all about just Triple H in the end.
Rey Mysterio's 2nd reign and Big Show most recent reign would be considering they were more for stat-padding than actually doing anything with it. Both also barely lasted the rest of a show.
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