My new tier list is the following.
Upper Top Tier: Kung Lao
Top Tier: Cyrax, Kabal, Raiden, Reptile (in no particular order)
I am not sure how many bad match ups Raiden has. I had originally put Reptile above Raiden because I think that Reptile beats him 6:4. Reptile's elbow dash blows through each hit of b+3,1,2 and the last hit of 3,3,4. You cannot exclude any hit to bait the elbow dash because each is punishable by the elbow dash anyway. Also, if Raiden cancels into teleport after any hit, the elbow dash turns into standing 2 which Raiden must block. The only way Raiden can punish the elbow dash is by canceling into d,f+2 which is horribly punishable on block or by doing X-Ray which is a waste of meter. Raiden has to stick to f+2,4 which builds less meter than his other strings do. Of course, because Kano's up ball has been toned down, the elbow dash is by far the best teleport punisher now. Raiden's block traps do not work on Reptile either. Overall, Raiden's strings are not very good and Reptile exposes them more so than any other character.
Furthermore, I am not yet sold on Raiden going even with Kung Lao and Johnny Cage until I see these match ups being played by high level players. Perhaps we may see Perfect Legend (Kung Lao) vs. JOP (Raiden) later on.