If he runs down his contract and leaves the company on good terms, I can't see why they wouldn't have him back. Seems like a similar situation to Jericho leaving in 2005.
CM Punk Yet to Sign New Contract
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While youre right, they can't afford to lose him, they certainly need to give him some type of push that would warrant someone who claims to be as "over" as Punk is. Fact of the matter is that Punk right now isn't a top guy in the company, and that really needs to change. Now that Cena has the belt, of course there would be the potential for Punk to go after it, but now not only does he have Miz to contend with as the top heel, but ADR as well.
Punk is a quality wrestler, and really knows how to put people over. Whether if it is needed or not, CM does not need a title right now, WWE wants to get more of a demographic with Del Rio. Right now, and I can not believe I am saying this, but the Nexus has something interesting too it with this whole Mason Ryan thing going down. So really just be on the lookout for Mason Ryan, because WWE has some plans for him.
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Truth is probably ahead of him in the pecking order for a shot at Cena as well since they are really pushing his heel turn.
Punk probably would have been best served moving over to Smackdown but on RAW he can be used in the short term to help get guys like Morrison and possibly even Mason Ryan more over and help them get to that next level. Punk turning face by the end of the year wouldn't surprise me either.
I was just thinking the same thing. Raw's kind of weak on faces in my mind, and since it seems like the Nexus is splitting up with Ryan turning, a Punk face turn wouldn't be too bad of an idea.