2. Do (Possibly) Involve Him in the Failing Divas Division
The Divas Division is practically non-existent. If WWE wants to rescue this division from the depths of its current despair, involving Flair with a Diva should help. Currently there is little to no interest in this division; when they appear on TV and wrestle live, you can hear a pin drop...and it's cringe-worthy. And the only interesting wrestling character they've invested in this past year just left the company: Eve Torres. It could be a new Diva, or even a returning Diva that Flair manages; the Divas division is ripe right now with faces, including Kaitlyn and Alicia Fox, and maybe even Tamina (pairing Tamina Snuka against Kaitlyn does not make her a heel, you need to build that character WWE!). Flair could reinvigorate this division by managing a great heel character, or by being the mastermind behind a full-on Diva heel turn (we're looking at you AJ Lee, you're not a total heel yet). Or imagine if Flair was at the helm of bringing an old face character, perhaps someone from the past, back into the Divas mix, but as a heel (if Chyna got her personal life together and Flair was responsible for bringing her back to WWE as a heel, she'd be a monster!). Flair is an exceptional and outstanding heel character, it's what made him a legend in the wrestling business and across the world; he could breathe life back into the Divas Division by getting involved, particularly by mentoring/managing a heel Diva character.
Don't Have Him Actively Wrestle
Flair is a great competitor, no argument there. But The Man, along with the likes of Jerry "The King" Lawler and Sgt. Slaughter, should no longer be an active wrestler. And making that full transition will be difficult for him, even though he has cut way back on taking bumps over the past several years. Flair comes from the old world of pro wrestling: travelling the old-school wrestling territories across the country and performing multiple nights a week, sometimes even multiple shows a day. It's how he built a name for himself before there were multiple weekly television shows and monthly pay-per-views. And it will be hard for him to stop completely, but he needs to. He could be involved in the occasional argument-style angle, but no bumps off the top rope, no back drops, and no body slams should he be forced to take anymore. And definitely no more legendary Flair blood-letting! Put The Man in a strong supporting role but keep him off the mat!