He should be today's Bobby Heenan...
I'm not talking about Michael Cole either. It was great when Heenan was on Raw, and the only thing that made is less than great was Hogan not being around for Heenan to run his mouth about. Raw was where Heenan made his last call for the WWE, and he was soon replaced. However, I feel like once Jerry The King Lawler is fully recovered then he should come back as a heel that we have not heard from Lawler since he was a heel during his glory days in Memphis.
Like Heenan, Lawler knows this business, and I'm certain that a straight forward kind of character would be perfect for him. He has his modern day "Hogan" to hate, and that would be John Cena. Lawler coming out with a subtle, yet heel nature could easily make Raw that much more entertaining. He calls all the matches, meaning he can say what he wants at anytime he wants. No, every line doesn't have to be controversial, but he can be the guy "Who did just say that". Before he was the corny, less serious, perverted, and breast loving color commentator.
Realizing that his life flashed in front of his eyes should give him a new character that isn't going to act like a teenage boy. Turn Cole in to his proverbial bitch, and constantly correct Cole. Maybe ask Cole to get him coffee, and then after a while Cole just brings him coffee without being asked. Simple things like that which would make Lawler seem more authoritative over Cole, and show dominance. This helps get his new character over more. I would have Lawler hold more in ring interviews (which Raw is lacking), and they would be edgy in ring interviews to boot. Lawler wouldn't beat around the bush, and just cut to the real answers.
The King would eventually not feel the respect from the fans anymore, and he would soon force people to quickly move on from his near fatal heart attack. This is when you know the role is going well, and he has found his new character. This type of change is ordinary, but could have huge positive effects on the show since he does color commentary. Professional Wrestling always needs solid ringside commentary otherwise it can sound as bad as some of the acting is. I hope that Lawler returns a new man, and I feel like this could really help part of the show that most people care less about.