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50-50 booking can work if the goal is to develop a mega rivalry like in the vein of Stone Cold vs Rock. That was a rivalry that started back in the IC level and grew over time to become one of the defining feuds of the Attitude Era.
The main reason it never worked with Cena vs Orton was because the WWE refused to make Orton be equal to Cena and them being lazy once they already had their mega star. Instead of being this generation's Rock-Austin, it felt way more forced or stale instead.
Besides already being too reliant on Cena only, the other biggest problem with WWE's 50-50 booking is it almost never leads to anything big in the long run. Either its just meaningless matches or things getting cut short because the WWE had nothing actually planned. Almost every feud going on right now has that problem and its not just due to wins being traded back and forth.
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