To tell you the truth I'm glad that Matt Hardy lost the European... I mean the ECW title. Matt is better than ECW. The guy has been in the WWE since 1994. He deserves better than the ECW title.
Now the reason I think they had Matt Hardy lose the ECW title is because they are using Matt as a back up plan if Christian doesn't sign with the WWE. If Christian doesn't sign they will reveal that Matt Hardy is the one who attacked Jeff, and that he is the one who did the hit and run on Jeff. Then that will set up a match between Matt and Jeff at Wrestlemania 25. This will only happen if Christian Cage doesn't sign with the WWE.