In all honesty, the only role I can think of for Teddy Long that holds any degree of interest for me would be as a manager. There's obviously no room on commentary for him, not that I think he'd bring anything particularly special to the table even if a spot was open. We've seen him in the role of an on air authority figure several times already, so there's no new ground to be broken there. I suppose WWE could always put him in the role of a referee, though I'm sure it'd be viewed as a huge step down for him.
I could see Teddy Long as a manager for a few singles wrestlers, maybe a tag team or even a small stable. If WWE had a mind to, I'm sure they could come up with a storyline in which Teddy Long takes some guys on the roster who haven't broken up to that "next level" yet. Teddy could take up the position in which he's noticed that there are a lot of young studs on the roster who have been held back for one reason or another, who haven't had the opportunities as some others due to politics backstage, personal animosity, etc. Maybe casting him in the role of a tweener rather than a straight heel would work, especially if they portrayed him as having a chip on his shoulder but not as someone that's crying & whining all the time. I could see Teddy Long managing The Prime Time Players, Kofi Kingston, maybe Antonio Cesaro and/or a few others as examples of guys who "show promise" and have been "held back" for whatever reason. I'd be leery of going the route in which Teddy manages a stable of all black wrestlers as there'd be obvious references or references that some would interpret as racial overtones. Even if it's not something WWE intended, you'd still have people making the claim just like you had people accusing WWE of being anti-immigration, racist or inciting political controversy aimed at the Republican & Tea Parties because of Zeb Coulter & Jack Swagger's characters early on.