As noted, WWE announced today that Paul Heyman and Eric Bischoff have been hired as full-time Executive Directors of RAW and SmackDown. Heyman will be running the red brand while Bischoff will head up the blue brand. This is not part of a storyline and both will report directly to WWE Chairman Vince McMahon. Bischoff will also work with executives from Fox.

WWE's press release noted, "In their executive roles, Heyman and Bischoff will oversee the creative development of WWE's flagship programming and ensure integration across all platforms and lines of business. The creation of these roles further establishes WWE's ability to continuously reinvent its global brand while providing two distinct creative processes for its flagship shows."

In an update, PWInsider reports that WWE has been talking to Heyman about the new role as far back as February of this year. The deal with Bischoff came together within the past few weeks.

WWE reportedly made an offer to Heyman to come on full-time as a top member of the creative team around the same time Bruce Prichard was hired as Senior Vice President a few months ago. We've noted how Heyman has been working on various storylines and with certain talents for months now, including Brock Lesnar and Ronda Rousey.

Bischoff has been working on pre-production of Netflix's planned biography on WWE Hall of Famer Hulk Hogan, and had a number of personal appearances booked. He likely came to terms with WWE over the last week as he started quietly canceling some of personal appearances.

While Bischoff and Heyman are still reporting to Vince, they are essentially running RAW and SmackDown now. It will be interesting to see how Triple H and others factor in to this latest creative shake-up.

Stay tuned for updates on this story.