The crowd tonight at the rumble was really behind Jericho, as far as being behind a heel goes. Shawn's act is getting stale as well. The PPV in February is in Montreal, the place where Shawn is hated more than anywhere else on earth. It seems to me that if they want to give this feud new legs, they should think of doing a double switch with Shawn and Chris. No matter what they do, Chris will be way over in Montreal, and Shawn will be hated.
Steiner, as the #1 babyface, is a total flop. Currently, they've got HHH, a heel dominate champion, with no viable faces to chase the belt. Maybe Jericho is that big face they need.
For a double switch to occur, the crowd would have to start the match cheering for Michaels, only to turn on him midway through the match. For some reason, I don't think Shawn will get cheered at any point in Montreal, and probably won't even be there, holding the match off until Mania.
Please help control the McMahon population. Have your Triple H's spayed or neutered.
It's already happened pretty much Bret/Austin style. Jericho was 70% courageous underdog face (asking for the number one spot, picking two when he couldn't get one, staying in forever, getting the most eliminations), Shawn acted like a bitter loser (running out to attack Jericho, the look on his face when he was getting dragged away.) It may be finalized later, but the bulk of it is done, much like Rock's heel turn.
It is also to do with people seeing what The Rock did using his wrestling to push himself in different directions. So insead of mid range TV shows or sports careers as pathways to movie stardom, some are choosing wrestling as exposure.