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Him in submission fighting would be a terrible decision, I mean he tapped out froma figure four from Frank Mir so I doubt he would do well there. He does have power but I haven't seen much submission fighting from him.
I'd be alright with him commentating, I would much prefer that over seeing him fight. He just doesn't have it in him to fight with the UFC competiton anymore, in my opinion so commentating would be his best bet.