There have been talks of moving Cole into the "main announcer" roll for years. Likewise, there's been no info on him having problems with the company, or the company have problems with him. Furthermore, even IF RAW would have drafted somone from ECW, then ECW would have an open announcing spot... OR, maybe Smackdown was going to have a 3 man team, that's been done before too.
For Cole to assume he's out of a job suddenly is idiotic. Even if he wasn't going to be announcing, there is no reason to assume he was suddenly going to be release from his contract and out of a job.
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In the longer term, you don't know how this may affect his routine, with regards to his everyday life. It's easy to say "oh, I wouldn't care" but it's not JUST a one day a week job. Now when he works PPVs on Sundays, he will be on the road Saturday until Wednesday (hardly going to go home between Sunday's show and Tuesday's taping, is he?). For a guy who signed a contract to only work Mondays, now he will find himself of the road for an entire working week for every scheduled PPV week, which is something stupid like every 3 weeks nowadays.
He signed a contract on the proviso of "you are the voice of Monday Night Raw and we will continue to pay you to be". Now, his job role has changed, his working week has changed, and his travel routine (including his travel partner) has changed. All for the sake of a quick thrill, a pretty insignificant twist in the Draft and a McMahon laugh at his expense
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Oh noes, poor Jim Ross. He essentially has a dream job for someone who loves wrestling. If he's going to bitch about his work day changing, or possibly having to be on the road an extra 4-5 days, then screw him. A lot of people would kill for his job.
And I highly doubt his contract has any provision, or wording, about him being the "Raw announcer." Hell, I wouldn't be surprised if he has a generic corporate contract that everyone else who isn't an actual wrestler/ref/manager probably gets.