Let me begin by saying that this is in no way CM Punk's fault. He has performed and delivered in everything that he has been asked to do. This is more of a critique of the promotion and how they handled things. I am going to play fantasy Creative and give my opinion of the situation.
Where Did They Go WrongThe first big mistake appears to be that the WWF brought CM Punk back way too early. On of the biggest parts of the angle was the speculation of whether he was really gone or not. It started out good with him showing up at different places with the belt, like the Cubs game and Comic Con. With modern technology and the new social age that we are in there were plenty of ways to keep Punk relevant and not have him keep showing up directly on WWE programming.
A different angle could have been actually letting him defend the belt in Ring of Honor. The exposure would have been greatly beneficial to both promotions. There could have been youtube videos of Punk defending the title in other places also. We could have an angle where the WWF took him to court and were fighting in litigation to get the title back.
The Triple H and Kevin Nash angle did not do Punk any favors either. The idea of Punk fighting against the system actually was a good idea but we all knew that Kevin Nash could not carrying his part of the feud.
The match against Triple H happened way too early in the process. We should just now be getting to the point that would have led to a Wrestlemania showdown. Hunter should still be the Raw GM and have the Johnny Ace heel status. Maybe him actually working with captain stiff would have helped Punk get over even more.
Jericho Can Lead the RevivalThe Chris Jericho feud should be great for CM Punk. Wrestlemania is a huge stage and will have a lot eyes but the conflict does not need to end there. Jericho is probably the only guy on the roster that can match CM on the microphone word for word. Both are incredibly creative and could craft a great story going forward. They are both excellent in the ring and draw in can draw in the casual fans and old schoolers. We will then truly find out who "The Best In The World".