I don't think Benoit will actually win the title until Backlash. After that he can face HBK with HBK being the heel. The way they brought in Benoit on Raw already created heat between the two.
If HHH is back by August we'll probably see another rematch at Summerslam. If not we have the potential for some great matches even without turning Benoit. I could see them booking a face vs face match between Benoit and Jericho. Then whoever wins would end up feuding with Orton during one of the last few months of the year. But maybe this is all just wishful thinking