No, I think Punk will keep the title (triple threat match will be a lot of Ryback & Cena trading power moves, then Punk getting the quick pin off Cena). They started Raw this week with a graphic of how many days he's held the title - I think they want to push that angle, suddenly make him a dominant champion who's held the title for more than a year, then have him lose the title to the Rock at the Royal Rumble.
And yeah, Raw was horrible this week.