I heard that USA was also trying to get McMahon to rehire Steve Austin, Chris Jericho, and The Rock. I could see Jericho coming back, I know he's been in talks with the company, but Rock's doing movies and Austin's too beat up to wrestle and too unreliable to work a full time schedule in any role.
I think USA is just hitting the panic button since the ratings have dropped recently. They still do decent numbers and many of the big names that have been injured are scheduled to return soon.
As far as the Cruiserweight title is concerned, Hornswaggle shouldn't hold the title. It's a slap in the face to everyone who has held it in the past and de-values any future champions. This is just Vince's idea of humiliating those in the Cruiserweight division.