Since the end of Survivor Series: WarGames, it seemed clear what direction WWE was headed in for the main event of WrestleMania 42. Cody Rhodes and Roman Reigns, while on the same team, were at odds through the entire build of the match, and by the end of the November PLE, it was very clear that this was the feud the company was building (again).
That's why there was an added layer of surprise last week when Rhodes dropped the WWE Championship to Drew McIntyre. While it is certainly possible that WWE looks for a way to move forward with Rhodes vs. Reigns with neither holding a championship belt, that wouldn't exactly be aligned with the breadcrumbs they left in November.
It's also possible that Rhodes does reclaim the title before WrestleMania, but even that would feel like Triple H and Co. forcing themselves to do unnecessary gymnastics — something that shouldn't be put past them.
It's one of the reasons why Wrestling Observer's Bryan Alvarez (subscription required) offered strong speculation in suggesting that the third iteration of Rhodes vs. Reigns won't be taking place at the grandaddy of them all.
Roman Reigns' Wrestlemania 42 plans in chaos after Drew McIntyre’s shocking championship win
To be clear, this wasn't Alvarez reporting any sourced information. In fact, the biggest takeaway is that he doesn't know what direction WWE will pivot toward. Alvarez did suggest a triple threat between Rhodes, McIntyre, and Jacob Fatu could be in place, but even that was another version of shooting from the hip than reporting anything of substance.
Alvarez also doesn't have the highest of hit rates when it comes to the information he shares, so as far as we know the original plans could still very much be in place.
The guess here is that creative, Reigns, and Rhodes are already at odds over what the potential finish to a third match would look like. If everyone can get on the same page, it may not be long before Rhodes takes back the title from McIntyre, Reigns wins the Royal Rumble, and all this current talk was just a swerve.
As for when we might see Reigns next, it's a guessing game. Conventional wisdom would point to him making a return before the Royal Rumble to establish his journey back to a title, but WWE could wait to use him as a "surprise" entrant. When he does return from his latest hiatus, chances are we get a clue into his direction for the Road to WrestleMania.