James Ellsworth has been released today and wished well in his future endeavors.
Really, the guy had a heck of a year. He got to walk the WrestleMania ramp, has a t-shirt, has an action figure, and had a world title match against AJ Styles. He has plenty to make him a special attraction on the independent scene now and I'm sure he'll be one of those wacky people who reappear in random Raw anniversary backstage skits.
He has done better than he possibly could have dreamed, and we have enjoyed it with him. He will still do well on the Independents and will be able to charge more for doing so, and we are bound to see him in a WWE ring again for cameo appearances. A Rumble spot is almost guaranteed in a year or 2. Ellsworth and the Bullet Club will happen as well for a comedy appearance to be superkicked.
If the creative guys write stuff for Michaels that will give him the heat, I reckon he could carry the strap as a heel champ for quite a while. Whether he'd be better off doing it on Raw or SD is another question.