I really miss the Cruiserweight division in the WWE (220 lbs. weight limit). Noble, Helms, Kidman, Tajiri, Spike, London, Chavo, and of course Rey Mysterio. Most of those guys would be relegated to jobber status in today's WWE because of their size, but instead had meaningful feuds and regular PPV spots fighting for a championship. Imagine what this could do for the careers of guys like Tyson Kidd, Zack Ryder, Xavier Woods, Heath Slater, Justin Gabriel, Evan Bourne, Sin Cara, Yoshi Tatsu, etc. It would give debuting NXT stars such as Adrian Neville, Sami Zayn, Corey Graves, Tyler Breeze, etc. a place to introduce themselves in a division where action in the ring is emphasized.
You could re-introduce it by having HHH bring the title back to keep Daniel Bryan away from the world title. Set up a tournament for the vacant title. Bryan is given Brad Maddox in the opening round and is DQ'd for holding the Lebell Lock too long after the bell to send a message to HHH. He would obviously have to put over the title and its lineage, but say he won't be distracted and thrown off course by HHH and wants to regain his world title.
I think Kidd, Truth and Gabriel would all make great heels in the division. Truth is set up against Woods in the first round and loses, he refuses to shake hands after losing to his protege. Tyson Kidd is given the last man to hold the title, Hornswoggle. He beats the hell out of him, submits him and keeps the submission on a little longer than necessary. He then cuts a heel promo about being mistreated, being a serious wrestler and not wanting to wrestle leprechauns anymore. Gabriel could turn on his old partner Bourne, but that would be too similar to Truth-Woods. He might just have to be a gradual turn.
There are plenty of faces in Rey, Sin Cara, Ryder, Bourne, Woods, etc. I would have Tyson Kidd advance to the finals, getting an upset over Rey Mysterio in the semifinals. Sin Cara then avenges Rey's loss and wins the title in the finals. That, or debut Sami Zayn in the tournament and have him make it to the finals against Kidd. An All-Canadian Cruiserweight final would be a great time for Jericho to come back for a special guest referee spot as well.
Creating a new division would give them a great storyline to bring in new talent as well. If you're going to introduce a new division it would make sense that you would sign new talent to fill it. Most of the top NXT guys mentioned would impress with their in-ring talents and/or unique looks and don't need a big build-up to their debuts. It would be much better for them to be introduced in a tournament than say the strange, random addition of Xavier Woods to the main roster.
Short returns/runs for Hurricane, Tajiri, Chavo, Kidman, London, Kendrick, etc. would be fun. AJ Styles would be a great addition if his ego could handle not being a main eventer.
El Torito (Could actually put on decent matches I bet)
Potential Top Star Cameos: