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I would just call it the Undisputed Heavyweight Champion and have the champ cross between both shows.
They should go back to 1 PPV per month, and then during RAW brand PPVs, the champ tours with RAW (could occasionally show up on SD during this period) and vice versa for a SD PPV month.
It just creates a clear focus, and I think having one clear champ will increase the chances of a new star getting over.
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