Is the Ring belt tarnished?

Boxing is a muddle with all the titles that are on offer, Numerous sanctioning bodies offering belts willy nilly, from proper titles to interim, silver, regular, emeritus, international, incontinental, regional etc. In the insane world of belt holders, the Ring belt has been seen as the one fighters would like to have, as recognition of being the man of the division.

But, lately the policy was changed in order to have more belts occupied. GBP has been accused of turning the magazine into a propaganda rag & there have been concerns that the policy change will basically start to benefit his stable of fighters.

At present we have

H - Wladmir Klitscho
C - Yoan Pablo Hernandez
LH - Chad Dawson
SM - Andre Ward
M - Sergio Martinez
LM - Saul Alvarez
W - Floyd Mayweather
LW - Danny Garcia
L - Vacant
JL - Vacant
F - Mikey Garcia
JF - Guillermo Rigondeaux
B - Vacant
JB - Vacant
F - Akira Yaegashi
JFY - Vacant
STW - Vacant

Taking from the list I was not aware Saul Alvarez was classed as the Ring champ, I thought PBF was the no.1 in the division if I'm correct so the No.2 & 3 contenders would have fought for it in their "unification" fight. A disputed title for some is the Fly title held by Akira Yaegashi, who holds the WBC & Lineal version, but who beat a weak holder & has competition from Juan Estrada, the WBA & WBO champ who some rate as the No.1 for that weight group. I have no problem with Yaegashi being the champ but it does highlight an issue, the champ is not always seen as the real deal in their particular division.

From the list I have highlighted the fighters who I would certainly agree as the being the champ for whatever reason but that's my personal view, the others not so sure due to not fighting all available contenders or being installed as champ just to fill vacancy.

What are your thoughts on the current list & do you see the belt as being another trinket?