It looks like taking the King of the Ring crown away from Baron Corbin was the first step towards something new for his character.
It's not entirely clear what the plans are but in a WWE.com video filmed after last week's SmackDown, Corbin was shown looking unhappy and despondent about losing his crown. Corbin was asked if he feels that his career is slipping away from him.
It was also noted that he lost some money on investments and he claimed that he lost "hundreds of thousands of dollars" and he "was a wealthy man" but that is no longer the case.
This seems similar to an angle that was done in the early 90s with Diamond Dallas Page. In the storyline, DDP lost everything and was homeless for a time before eventually rebuilding himself.
The "Happy Corbin" trademark filing is live and may end up being his new name going forward.