Jericho has been cemented. He's showcased getting strong wins over his career. Over the past two years, what were CM Punk's biggest wins? I recall a "win" over Cena, actually two wins I believe, one by an intentional low blow by Cena which won it for Punk by DQ, and with help of Mason Ryan, pinned him. But at the end of the day, it still didn't exactly make Punk look strong. Mainly due to them just flipping the switch instantly from Punk and Cena, to Miz-Cena and Punk-Orton. Now outside that Cena "win", what else has he gotten that's made him looked strong booking wise? Remember the Big Show "feud" which took the final pin out of the SES? Remember the Undertaker basically squashing him on a Live RAW?
As for his feud with Orton, I will say this. Without Punk's great ability to act and speak, the feud would be nothing for him. He got his stable disbanded, yet again, and wasn't able to put down an injured Orton at the biggest show. He can stay relevant because he has the mic ability to regain heat instantly, but there is also a limit in how much a person can take. He is one of the best workers in the business in overall ring work and mic ability, but he hardly gets the chance to come out on top of things. Always the undercard and an after-thought. He is where he is today because of his mic work, and that's without any thing WWE has done for him. He could be a bigger star if the booking can help him out.