The issue with the CW division is that they kinda just dumped a bunch of random unknown guys into the mix as their own separate division. You need established competitors to serve as the measuring stick for this new wave of athletes. No one builds a new division without stars, just look at how UFC created a platform from scratch for that judo chick.
I think someone like AJ Styles could be a pioneer in reshaping the division...imagine Styles dual-holding the World and CW titles, then other highly athletic Superstars chasing the glory and prestige this lofty status offers him. Cesaro, Rollins, Balor...big names chasing a title that should be revered for its history in the sport.
Sure, he'd probably lose one or the other along the way, but successful defenses from a seasoned and respected competitor would go a long way to establishing a legacy for the Purple Reign as well as putting a big feather in the cap of the man to take his title!