The storyline update on Michael Cole is that he was taken to a nearby hospital in San Jose with a possible cervical fracture.
I would assume that this means that Cole will be off Raw and Smackdown for a few weeks but you never know with WWE. Byron Saxton did not do himself any favors on commentary. If they need someone to fill in for Cole then I think this would be the right time to give Jim Ross a call.
It would be logical for the storyline to keep Cole off TV at least for a few weeks.