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If Jericho comes back to the WWE, its most likely he will come to RAW. He might feud with Cena for a bit but I see him needed at SD more then anywhere else. Edge and Jericho together can make a WM main event that we will remember for years!!
I would LOVE to see Y2J return. If you saw him on Larry King he said he was getting the paperwork done in order to make his comeback. As a loyal Jerichoholic I will eagerly await his return. I think his return will raise ratings, maybe not for a long period of time but his presence will not hurt the ratings at all.
If he comes back to WWE, they'll probably throw him into the already overcrowded raw, and I don't think that would neccesarily get them a boost in the ratings. SD and ECW needs him more, but I don't see WWE throwing Jericho in either of these brands