Controlling what color the LEDs are isn't what's needed. McMahon needs to take a more relaxed role, oversee the storylines - only interject if they clash with policy and otherwise handle the business whilst Heyman and Bischoff handle the dirty work.
He still has final say, so practically complete control still. I’d consider Heyman and Bischoff the head of the creative team, where everyone reports to them. They may look over the final script, they interject and give their ideas. Edit to how they feel best, and then present it McMahon. McMahon could still veto anything they put out, but he may just look to compromise the first few months and implement their ideas partially so it seems like their parts aren’t in vein.
I don’t expect any major overhauls till the new TV layouts form, and we see how AEW does ratings wise.