It makes a lot of sense. And here’s why:
. Cole was very critical of the NXT rookies as the play-by-play announcer for the first season of the show - setting up a "swerve" perfectly. His heelish commentary, which came out of nowhere, had to be foreshadowing something. His role on NXT would also establish how he developed a relationship with the rookies.
. The real-life termination of Daniel Bryan would play perfectly with the revelation that Cole was working with the rest of the NXT rookies all along. Cole could claim that it was he who lobbied to have Bryan kicked out of the group.
. Cole has somehow avoided any physical altercations with the invading NXT rookies so far. On the first night they invaded, Cole ran off as Jerry Lawler brawled with them at ringside. At the Fatal 4-Way show, he again cowered in a corner by himself as the rookies attacked.
. On the 2nd week of the angle, the arena went dark as the NXT rookies were shown backstage making a mess and attacking Bret Hart. During the whole segment, Cole could not be heard. Theoretically, he would have had enough time to sneak away from the announce table in the dark, without being noticed, run backstage and get been behind the wheel of the limo that Bret was placed in.
. Also at Fatal 4-Way, Cole made some cryptic remarks during the Drew McIntyre-Kofi Kingston match about how jealous he was of McIntyre for being McMahon’s chosen one. He noted that McMahon hasn’t said more than a couple words to him in the 13 years he’s been with the company. Obviously, that’s not true – so why would he make such a comment? It would set the stage for Cole orchestrating the attack on McMahon last week.
. It was Cole reading the emails from the mystery Raw GM at ringside. It was in those emails that it was announced that the NXT rookies were hired, and that McMahon would be the special ref for the Cena-Sheamus main event. For all we know, he could have been the author of those emails, or just been making up what he was reading on the spot.
. From a storyline perspective, it could make sense that McMahon would hire Cole as the GM of Raw, and keep it a secret until he saw what Cole did on the job in the first couple weeks. McMahon could say that Cole had been especially vocal as of late about the issues surrounding the NXT rookie, and that Cole convinced McMahon that he was the perfect person for the job, in part because he’s closely observed Raw each week from ringside for more than two years now.
. And most importantly: It would be a way to get Jim Ross back where he belongs - next to the King at the Raw announce table.