As noted earlier, Eric Bischoff is returning to WWE as the Executive Director for SmackDown Live and he will be working with Fox. Paul Heyman will be the Executive Director for Monday Night Raw. Both men will report directly to Vince McMahon.
PWInsider is reporting that WWE was pursuing Heyman to come on board in a corporate role as far back as February. There were talks as far back as February to have Heyman take a full-time role as a top member of the creative team but those talks were slow. This was around the time that Bruce Prichard was brought in as Senior Vice President.
It's no secret that Heyman has been working behind the scenes with talent on the creative end. In addition to what he does with Brock Lesnar, he's also been working with a number of wrestlers including Ronda Rousey, Bobby Lashley, Alexa Bliss, and Becky Lynch.
Bischoff has been quietly canceling upcoming appearances so that would indicate that his deal with WWE was coming together. Bischoff was keeping these talks quiet from everyone, including close friends because they had no idea this was coming.
Heyman will continue his role as Lesnar's advocate. As of now, there are no plans for Bischoff to appear on television but that can always change because Bischoff is a great television character. The Sports Illustrated story noted that Bischoff will also deal directly with FOX for SmackDown's move to that network in October. Bischoff has tons of experience with the corporate and TV network side as he was the person who dealt with Spike TV during his time in TNA Wrestling and he previously ran the Bischoff-Hervey Entertainment production company that sold shows to TV networks.