You are correct. 28 defenses, although most of them happened when he was on full contract, after he switched to part time, he only had few.
Main Championships are losing their value and there is basically nothing to do on the weekly basis rather than waiting until irrelevant PPV passes by and we reach one of the big four or shit like Crown Jewel
Imho? Theory should cash in successfully for the WWE Title and feud with Cena to give him his record breaking title grabs, Cena just drops the title again to Theory on the first PPV after mania.