Hulk has been very public about being okay with putting over Cena and Austin. He was willing to do it for Austin at WM22 and WM23 (when they had the rumoured match plan) and he recently said he was cool with putting over Cena at WM31.
One thing about Hulk, he isn't the "I won't lose to this guy" type. Hell, he worked as a midcarder in 2002 after dropping the belt. He was suppose to do a 3 match series with HBK but HBK is a little bitch (could have easily predicted that).
But at this point he SHOULDN'T lose to anyone. His come back would be a special occasion. Sure a lot of it would be nostalgia but the fans love it and that's exactly why whomever HOLLYWOOD HULK HOGAN faces he must defeat. There were times in he career that he needed to jo and he did. Early on he, as a gint of a man put over guys like Bob Armstrong, Bob Backlund, Pat Patterson (yuck), Ivan Putski, Tony Atlas and most famously Andre the Giant. Then when he came into his prime and went on to become the most famous pro wrestler of all time, bring the sport unprecedented wealth and notoriety he went on a long undefeated streak. Some low information fans complain about that period but as Jake "The Snake" Roberts once said, "You don't kill your golden goose."
As he approached his 40s however he began losing more. Not all the time as he was still the sports top draw and thus was still usually champion but guys like the Undertaker, The Ultimate Warrior and Yokozuna all defeated him. Sure the heels had to cheat but, heels are SUPPOSED to cheat.
He had a good initial run in WCW at first as WCW was hoping to re-capture the HULKAMANIA magic of the 80s. But while HOLLYWOOD HULK HOGAN'S popularity remained strong and WCW saw a huge growth in attendance, it became clear that the die hard NWA/WCW fans still saw him as a "WWF guy" and continued to boo him. So he started putting over some of the WCW mainstays like Ric Flair and Arn Anderson.
Then came the nWo and a resurgence in HOLLYWOOD HULK HOGAN'S popularity. When WCW finally started to dominate in the ratings and took over the #1 spot the fans finally began to embrace him as one of their own. Sure he dominated the title for a while but no more than Flair did. In the 80s. HOLLYWOOD HULK HOGAN would constantly be chased by a face who would ultimately defeat him for the title, but the celebration was short lived as he would use the nWo to get the title back.
But even though he kept getting the title back, he lost multiple times in non title matches, was pinned in tag team matches and even submitted live on national TV for the first time in his career. He put over a lot of people; Roddy Piper, Ric Flair, Lex Luger, Sting, DDP and probably most famously Bill Goldberg.
After the nWo ran it's coarse we had the (uh, oh) Vince Russo era to deal with. HOLLYWOOD HULK HOGAN was asked to job to a lot of people. Lesser guys like Billy Kidman, Mike Awesome and Horace Hogan were suddenly getting pinfall victories over HOLLYWOOD HULK HOGAN. Despite the haters claiming that because he had creative control, that he dictated everything that happened and refused to job, HOLLYWOOD HULK HOGAN was more than happy to put over these youngsters who were - let's face it - far beneath him and had no business being in the ring with him much less getting a victory.
Then he came back to the WWF (so to be WWE) and one of the first things that he did was job to The Rock at the biggest show of the year. Because of the unexpected fan response to him he was given a short but enjoyable run as champion. Then he went back to jobbing. He put over The Undertaker, Kurt Angle, Brock Lesnar, Triple H, Sean O'Hara and was even pinned by The Big Show in what would be his last match as a full time competitor.
Since then he has wrestled only on occasion as a special attraction and as such his losses have been very few as they should be. Another match in WWE or anywhere else should be no different. He payed his dues when he was young, he brought the sport unprecedented fame and fortune in his prime, gave us not one but TWO wrestling booms making the HOLLYWOOD HULK HOGAN era the greatest era of all time and he gave back and jobbed to nearly everyone thrown at him toward the end of his full time career - which is the time when he should have been doing it.
Now it's time to let him have that one last moment of glory. To say "thank you HOLLYWOOD HULK HOGAN" and to let him know that we are truly greatful for all of the things that he has done for we the fans and for the sport of Professional Wrestling. One more match. One more title win. Retire on top and then another DVD set.