But there's no reason to do all of that. You can accomplish it with the current title structure, just book the belts right and write decent storylines for them. Unless you just want to bring back the European Championship, which would be alright with me, but the U.S. Title has a more prestigious history to the majority of the WWE's fanbase. Book the IC as upper midcard and the US as lower midcard/lower card (the current booking actually would suggest they're already moving this direction). So, a guy like Bo Dallas would be booked into a series of feuds leading to the US Championship. After carrying it and defending it for a while (and losing it to an up-and-comer), he would be elevated to the IC Title scene, where he would eventually win the IC. Again, he carries it and defends it, then loses it. After that, you boost him to the main event. Obviously, there's a lot of pitfalls between debuting and main eventing Wrestlemania, but that's the sort of path the general career would take.
As for bringing back the Cruiserweight Championship, you could do that with the current title structure in place. The Cruiserweight or Light Heavyweight (originally the CW Title was in WCW and the LHW Title was in WWE) would be treated somewhat separately, much like the Divas Championship or Tag Titles. Only certain wrestlers would compete for it, so you could keep the current title structure and still have it.
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