Ok, I've been thinking about this a lot, and this is what I would do:
To Raw:
Triple H
Undertaker
Shelton (face turn)
Carlito and Primo (while I'd rather see Carlito in the IC title scene instead, I understand the current need for tag teams)
To ECW:
CM Punk (I'd rather him be on top of ECW than in the middle of Raw)
Umaga (I've been calling for this since last year's draft)
To Smackdown:
HBK
Jericho
Rey
Christian
All of this revolves around Batista coming back as a heel and MVP being pushed. The rosters would look like this:
Raw faces: Cena, Triple H, Undertaker, Shelton, Carlito, Primo, Kofi, Goldust, Cryme Tyme
Raw heels: Batista, Orton, Dibiase, Rhodes, JBL (until he retires), Kane, Regal
ECW faces: CM Punk, Finlay, Tommy Dreamer, Evan Bourne
ECW heels: Umaga, Jack Swagger, Mark Henry, Miz/Morrison (although they will be appearing on all 3 shows)
Smackdown faces: HBK, Jeff Hardy, Rey Mysterio, MVP, Christian, Mr. Kennedy, R-Truth
Smackdown heels: Edge, Big Show, Chris Jericho, Koslov, Matt Hardy, The Brian Kendrick
With this set up, Raw has most of the bigger names but Smackdown has the better workers and a much bigger midcard. I would have Legacy start to do things on their own while remaining by Orton's side (i.e. Dibiase being IC champ). I would have Edge hold the title for the majority of the year with challenges from all of the listed faces (minus R-Truth).