WWE Champion: CM Punk
Punk caught fire in the middle of 2011 and has correctly been the focus of Monday Night RAW ever since. Given the past few months, I can't really imagine how Punk won't be in the main event at WM28. It's possible that he drops the title on Sunday to Dolph Ziggler, enters and wins the Rumble later that night, and spends the next few months building up towards winning it back. Seems overly complicated, but having the face challenge for the title makes for a better story at WrestleMania.
World Heavyweight Champion: Daniel Bryan
After cashing in Money in the Bank on the Big Show several weeks ago, Bryan has been trying to get his footing as a legit World Champion (Rey Mysterio had this problem as well). He's undersized, but incredibly talented. WWE is playing up his sneaky side and it should be enough to get him a win in a Triple Threat Steel Cage match vs. Big Show and Mark Henry. I don't see any of those three headlining WM28 so I expect to see Bryan drop the title next month at Elimination Chamber. But I've been wrong about main event material in the past. I never thought WWE would let The Miz headline with Cena last year, but it all came together.
Royal Rumble
WWE has been saying that this year "Every superstar is eligible for the Royal Rumble". I assume this means that even if you're involved in a match before the Rumble (ala John Cena, Kane, Punk, Ziggler, etc.), you can still be in the Rumble. My last count of the WWE roster has about 50 superstars. Here's my opinion on the likelihoods of them winning it all:
Can win: Alberto Del Rio, Chris Jericho, CM Punk, John Cena, Kane, Triple H, Randy Orton, Undertaker
Might win: Dolph Ziggler, The Miz, Rey Mysterio, Big Show, Christian, Daniel Bryan, Sheamus, Wade Barrett
Darkhorse: Jack Swagger, Kofi Kingston, R-Truth, Cody Rhodes, Mark Henry, Kevin Nash, Booker T
No way, no how: Alex Riley, Brodus Clay, Curt Hawkins, David Otunga, Epico, Evan Bourne, JTG, Mason Ryan, Michael McGillicutty, Mick Foley, Primo, Santino Marella, Tyler Reks, Zack Ryder, Drew McIntyre, Ezekiel Jackson, Heath Slater, Hornswoggle, Hunico, Jey Uso, Jimmy Uso, Jinder Mahal, Johnny Curtis, Justin Gabriel, Sin Cara, Ted DiBiase, Trent Barreta, Tyson Kidd, Yoshi Tatsu
Impression: With six previous Rumble winners (del Rio, Cena, Triple H, Mysterio, Orton, Undertaker) and twenty former World champions floating around this year, the winner is hard to predict. There's no clear narrative being built for a specific superstar as in previous years (Stone Cold, Chris Benoit, Triple H). I'll split my money two ways this year: Randy Orton and Chris Jericho. With a side bet on CM Punk.
However it shakes out, it's still one of the best shows of the year so get excited!