The way I see it, the Ring want their "Belt" to be for the stand out best guy in the division.
I think (traditionally) the Ring belt has been lineal. So, for example, when Mike Tyson had every other belt going, Micheal Spinks had the Ring 'belt' because he had beaten Holmes, who had beaten Ali, who had beaten Etc etc.
They have accepted lower ranked people before .... I think they set up the Marvin Hart v Jack Root fight for the World Heavyweight Title when James J Jeffries retired
The only fight I can think of that wasn't 1 vs 2, since they re-introduced their championship policy was Wlad/ Chagaev.
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