In seeing him and hearing him speak, I'm seeing a humbled and more mature person. I think he'd be fine if he was back on the team, the offense was doing well, and he was able to contribute. If not? Cut him.
That's a distinct possibility as well, but I really think that 'potential for drama' is gone.
People want to talk about him being older in terms of losing athleticism, but don't want to admit that maybe with that age also comes maturity and insight into past mistakes, and learning from those mistakes. I think that if he were brought back, he would be told in no uncertain terms what was expected and what would not be tolerated. Unlike what he got from the prior coaching staff.
Again, if there's the slightest hint of a problem? Cut him.