How about the Hogan/Mr. America storyline, but reworked for CWC, with a dash of the 'Underfaker' and 'Mankind/Shawn Michaels Mind Games' angles thrown in?
Mr McMahon finally gets fed up with Christian's behavior, and the permanent aroma of

, and strips him of the Crayola Fuckin' Model Magic Sonichu title belt before firing his ass.
A week later, mysterious new superstar 'Ian Brandon Anderson' shows up, but Vince can't prove it's Chris, even though he's still exhibiting the exact same behavior, he just has slightly different clothes.
To try and bait Ian into revealing his true identity McMahon brings in Liquid Chris and awards him with the sonichu title, and he instantly gets over massively with the fans, owing to his incredible charisma, ability, and good looks. IBA will simply not stand for this, and completely blows his cover, cutting a scathing, stuttering, nonsensical promo about 'copyright' and 'true original champions'. McMahon fires his ass a second time.
Liquid Chris becomes a media icon, Solid Chris goes to live in a trailer like Mickey Rourke in The Wrestler, where he does nothing and shits himself.
Fin.