Just hear me out on this. Perhaps since Vince has lost his touch with Raw, he could take over the "B", and bring back the WCW in an effort to prove he still has what it takes to be a real competitor in the wrestling world. Picture a man in his mid to late 60's driving a fancy sports car to feel young again. This would be no different here with Vince using WCW as his youth, and starting from the bottom with another company that he helped destroy.
Start the angle with Vince shown being spied on with his biological son Shane, and possibly being recorded at dinners with with him. Coming to find out that HHH/Stephanie hired a "private investigator" who could end up being an FCW talent like Brad Maddox. Perhaps if Eric Bischoff doesn't re-sign with TNA, Flair, and Hogan as well Vince could have the right pieces in place. Eric would be the GM of Smackdown, Hogan could be the Vice President of WCW owning 5% of the company, and Flair could be the director of talent relations. Flair could even do commentary, but just keep them out of the ring.
This could be an emotional story line especially with someone like Flair. I could imagine Flair cutting a promo telling Vince that for years the hatred grew on, and on for him when he killed the company he helped make famous. Vince gives the honorary WCW World Title to Flair, and his new job as Chief Director of Talent Relations. This leads to Flair bringing in talent from ROH, and TNA if possible. The members of the Smackdown roster would still likely be kept as well. However, this angle would bring to light who is in, and who isn't.
People don't accept this brand split, and I think Vince just staying off of Raw is fine, but someone like him could really do a lot for Smackdown. Turning this show in to a new company would be epic for Vince. WCW Friday Night Smackdown? I don't see why they couldn't go that route. There would be no Sting though. This isn't Atlanta based WCW, but a WCW controlled, and influenced by Vincent Kennedy McMahon, not the idiots who drove it in to his greedy hands. I always felt that Vince could turn WCW in to something better than what it was. Just use the current recipe of success through the WWE, and keep WCW only by name. A new company seems more legit, and would make the WWE draft ten times more interesting.
Vince just can't go away, and I think from a story line perspective it would be such a twist to see this old man bring back WCW in an effort to prove once, and for all fucking him over was a huge mistake. Vince has always been the best underdog, and he proved that when he expanded the WWF when no one thought he could, and then he buried every single one of his last competitors during that time. I can't remember a more dominant man in professional wrestling. I can see the look in his eyes now live on a Friday Night telling the WWE, and HHH that Vince McMahon will destroy the WWE with WCW. Cena turns heel, and goes back to do business with the man who made him famous, and joins WCW. World Cena Wrestling?