The success of this feud will be based on the booking of the feud.
It's going to be hard for the Miz to come out of this looking really weak, because Ryback's been booked as such a dominant face. Most people figure that Ryback will end up with the title in the end. So, if Miz just gets beat in a minute, nobody (not even the casuals) will be at all surprised. Miz is still the "must-see champion" who beat John Cena at Wrestlemania. I mean, Miz wasn't hurt by the Rock's interference in that win, and he won't be hurt by losing the IC title to Ryback.
What will be interesting to me will be to see how competitive Miz is in their matches. I think Creative lets them go at it, both of them get in some offense, letting the Miz look like a serious threat (maybe even cheating to win or retaining through being disqualified). That depends on how seriously they take Ryback's streak (this could go either way, as far as I'm concerned). I'm personally of the opinion that Ryback needs a loss before he gets to the main event level, because they don't want him saddled with an "undefeated streak" when he's going after the WWE or WH title or when he's having to defend the title and the streak at the same time. That basically ruined any chance Goldberg had at real character development. It's not interesting to watch somebody that nobody can beat (witness the hate Cena gets for basically being unbeatable, particularly at PPV's). A certain level of parity is far more interesting from a storytelling standpoint (remember, Rocky and Apollo fought to a draw at the end of Rocky and most moviegoers thought that made the end of Rocky II that much sweeter).
I actually think that the Miz should deal Ryback his first loss (make it a dirty win, it doesn't matter, it's officially the end of his "undefeated streak"). Then have Ryback earn an IC title shot (I would actually have the feud last until Survivor Series; making it a title shot at one of the big 4 would just up the prestige of the title). Make it a no disqualification match and have Ryback win it at that point.
Then, let him carry the IC title for a while, defending it successfully for a while. Meanwhile, let Miz go back to the main event scene. He'll have ended Ryback's undefeated streak. He's a former WWE Champion. Let him contest for the WHC against Sheamus. Their promo styles will be solid against each other.
Maybe eventually give Miz the WHC, then have Ryback as IC Champion come for the WHC. Have a Champion versus Champion match about Summerslam next year. I think that feud could be a real money-maker.
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