I think it's pretty obvious the Santina era is over. Donald Trump fired her, Vickie Guerrero is gone from the WWE, and Santino has separated himself from Beth and Rosa. It would make absolutely NO sense for Vince or any GM to rehire her. Santino even said on Monday Night Raw last night, "Oh well. It was a nice run." IT'S OVER!
As for Santino's future, I think he is VERY over with the fans. Now, I understand a lot of his skits are dumb, but that's the WWE's booking, not Santino's. He does what he is told, and he does it very well. I think the WWE should allow Santino to focus on wrestling and building actual rivalries without making him lose his humor. For example, before the whole Beth Phoenix angle, Santino was very cocky, but still hilarious. I remember Santino calling out Stone Cold Steve Austin, Rowdy Roddy Piper (although he was with Beth Phoenix at this point), The King Jerry Lawler, etc. I think Santino needs to start easy, maybe with a hated William Regal, and go from there. He could build up his popularity even more, work a great program with an experienced wrestler, and then eventually challenge for the U.S. title when a heel takes over the belt. In fact, starting a rivarly with William Regal would be quite simple. It could be an Italian vs. English angle. William Regal has great respect for his county as does Santino. The only difference is that William Regal is all business and Santino is all humor. I could easily see a clash of personalities.
But the bottom line is that Santino Marella is a great entertainer, and I'd like to actually see what he can do in the ring over an extended period of time.