I think the current NUMBER of titles is fine, but the belts need to be restructured and it needs to be made clear what they represent and who they're meant to be for. It's obvious that the WWE Title is the top prize and the World Heavyweight Title is a glorified midcard belt. But WWE can't decide whether they want it to be a world title or a midcard title so they try to have it be both. The idea of a "2nd tier world title" just feels wrong.
I think that these are the titles we should have.
- WWE Championship - For the absolute top guys in the company.
- Intercontinental Championship - The #2 title for the guys who have potential as stars, but aren't ready to carry the company. Wrestlers on this level may be moved up to WWE Title level whenever a fresh contender or champion is needed. Wrestlers on WWE Title level may step down to this championship in order to have something to do.
- European Championship (or a newly created Television Championship) - For the pure midcarders who won't be in a high profile storyline any time soon. This would be for the guys like Zack Ryder or Santino Marella to go after.
- And I would also propose a new gimmick championship, combining the concepts of the Hardcore Championship and the Light Heavyweight Championship. This title would be defended under Falls Count Anywhere/No-DQ rules or in the occasional Ladder, Cage, or Tables match. Also this title would be tailored towards wrestlers with specific styles. Most wrestlers fighting for this belt will be high flyers, brawlers, and/or intense and energetic (Alex Riley) types.
Those along with the tag team titles would be enough for the current roster.
The problem isn't that there are too many or not enough belts. The problem is that WWE needs to figure out how to make people look important outside of the title picture without using belts as crutches.