The thing is though, Taker getting weaker HAS been put into kayfabe over the past few years.
That was the catalyst for his last feud with Kane.
He couldn't stand on his own two feet in spite of winning at WrestleMania 27.
The reason Trips was resistant to accepting Taker's challenge last year was because he was almost looking down upon Taker and showing pity for him, thinking that he was going to end up killing him.
This is true, yes, but in kayfabe Undertaker is far from a "broken down 50 year old"
They've added the element of him being weakened to add suspense to the storyline. The Streak is held as such a prestigious accomplishment in kayfabe, and for there to be any suspense that it could actually end, they have added the element of him getting weaker. Yes, part of it is because in real life, Mark Callaway is a broken down 50 year old and can't go the way he used to be able to, so they have to find ways to accommodate that in the ring, as well as explain why he's gone 11 months out of the year, but when The Undertaker returns, how is he presented? As the Phenom? As someone who's unstoppable? Or someone who is a broken down 50 year old?
Once the lights go on (or out, however you want to look at it), the gong hits, and Undertaker comes through the dry ice flanked by druids, he's no longer Mark Callaway the 50 year old, he's The Undertaker, quite possibly the most dominate force the WWE has ever seen.
That's why I don't buy the criticisms of Miz looking weak because he "struggled" against aging Lawler and aging Hitman. In real life, Jerry Lawler and Bret Hart are aging, broken down old men that don't come anywhere close to being able to do what they could do in their primes. But once the music hits and they step into the ring, Lawler is The King, a Hall of Famer, and Hart is the Hitman, the Excellence of Execution who still is The Best There Is, The Best There Was, and the Best There Ever Will Be.
Ian McKellen might be an old 70-something year old man, but that doesn't mean that once the cameras go on, Gandalf and Magneto aren't bad asses to the max.
It's the same thing in wrestling. Yea, in their current states and ages, Hart, Lawler, and Callaway can't go like they used to (with the obvious exception of Hart being in the worst shape of the 3, and Undertaker probably being in the best), so their characters do get toned down to reflect that, but when it comes to kayfabe, these guys are still incredibly dangerous people to step into the ring with. I don't care if he's a 50-something year old strokee, in kayfabe, getting locked in Hart's Sharpshooter is one of the last things you want to happen to you. And in kayfabe, stepping into the ring at Wrestlemania with The Undertaker is a damn near death sentence.
Losing to Undertaker is not going to damage anyone really. I'm not really arguing for or against Undertaker v. Brock Lesnar at Wrestlemania, cuz quite frankly, I don't care
who Undertaker faces as long as 1.) he doesn't lose the streak and 2.) the feud is entertaining. I don't care if it's Lesnar, Punk, Triple H, Cena, or whoever. Granted, given the last 4-5 years of Wrestlemania, I'd
prefer it not to be against someone like Shield, or some kind of tag match, because both bouts with Michaels and both bouts with Triple H are classic, and the stakes have to continue to go up, but as long as the guys involved can make it entertaining (and we all know Undertaker will) I don't care who he fights.