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I like Innovator's idea, and it worked when they gave Rey vs. Matt Hardy the main event slot. Here's what I'd do, though.
Obviously, the first step would be to lift the speed restrictions that have effectively neutered the entire division.
Secondly, I would integrate cruiserweights into more high-profile matches. Have Paul London and Shannon Moore win the tag team titles, for starters. Put Kidman in a feud for the U.S. Title. Since Rey is the front-runner of the pack, have him step up into the main events, with a feud with Angle or Big Show or even JBL. He doesn't necessarily have to win; the key point is that he looks like he could have. Benoit honestly got over more by losing his big Title match with Angle than he would have if he'd won, in my opinion. The same could work here.
Oh, and I'd bring Hurricane and Tajiri over to SD. There's no reason for either of them to be on Raw.
Thirdly, once the cruiserweights have gained enough status to be viewed as a legitimate division, build up a dominant heel in the group, then have him beat Rey for the CW Title and 'injure' him. Rey has always been held in higher esteem over the rest of the division, so whoever beats the man who took out Rey will be a pretty big deal (as long as they make a point of that) The heel issues an open invitation to whomever wants it, and one decently over face should emerge out of the pack to challenge him. The face chases the heel around for a bit, losing to him by underhanded means at a PPV, then getting a rematch on a later episode of SD. The blowoff match where the face wins is made the main event of that show, and is put in, say, a cage match.
Oh, and I'd have RVD and Eddie Guerrero take a more active role in the main event scenes. They're not technically cruiserweights, but it couldn't hurt.
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