If Not A Cruiserweght Title....
...then maybe we can have an extended cruiserweight King Of The Ring?
OK so the roster isn't full of smaller guys but there is enough if you do a round-robin type tournament that extends over a couple of months. Give the wrestlers the chance to score points based off win, lose or draw with penalties for DQ's and countouts - encourage there to be a result.
Guys from NXT and FCW would be eligible as well and perhaps unsigned indy guys to fill out the numbers, which could be used as formal (or informal) tryouts. The matches could be divided through ALL the shows with the emphasis early on Main Event, Saturday Morning Slam and Superstars (which I think still exists in some form?) & NXT.
The KOTR title would be very a very useful tool to promote some of these smaller guys. Just an idea but I thought worthy of discussion anyway. (NOT expecting to happen though)