No, this is one where Cena and Ryback don't come off as the bad guys.
1) Vince announces important address.
2) In the middle of said address, Punk steals the spotlight and makes it about him.
3) Apropos of almost nothing, Punk slaps McMahon
4) McMahon does what wrestlers do--he challenges Punk to a FIGHT
5) Heyman knows the politics better than Punk, tries and fails to play that card to garner support/advantages for Punk in the back
6) In true heel fashion, Heyman chooses the dishonorable, selfish route and tells Punk to basically send McMahon into a coma and Punk agrees
7) Cena, boy scout that he is, does the in-character thing and comes to Vince's aid but since he is injured, brings his sidekick Ryback with him.
8) They tip the scales back in Vince's favor and give Punk the beginning of what is now a well-earned beating.
9) Punk, not being an idiot, slips away
10) McMahon, unsatisfied for obvious (almost righteous) reasons, issues the ultimatum.
Punk made his bed and McCenaback were making him lie in it. (It helps that Punk's desire for respect had legitimately crossed a line this week--he's officially heel now, no more grey area about it.)
As for respect itself, Cena and Ryback show respect for McMahon and they teach Punk the meaning of respect by showing Punk that his disrespect for those around him has some dire consequences. It's a nice inversion.
Really, if it weren't for all of that stupid "Face Cena to prove yourself lol" crap from the past couple of weeks, it would have been a good segment.