I think the storyline will end up being that they are a bunch of guys that were former stars in both TNA and WWE and now neither company want them. Devon was "kicked out" of TNA, and WWE didn't want him back. Same with Mike Knox and DOC (Luke Gallows). They were fired by WWE, and TNA wouldn't sign them, so they all joined Eric Bischoff. Eric Bischoff, who I believe will be a co-leader along with Jeff and Karen Jarrett, will complain that he led WCW to almost beat WWE, became an authority figure for Monday Night Raw as its greatest General Manager, and also took over TNA with Hulk Hogan, and now he has nothing. Same story with Jeff and Karen Jarrett - Jeff will complain that he created TNA, and ultimately got booted out and sent to Mexico. So, yeah, they are a team of pretty much disgruntled ex-wrestling stars. I believe D'Lo will NOT be revealed as a member, and his character as the "Club VP" is a stand-in for Eric Bischoff. Either that, or his character will slowly fade-out of the storyline, and eventually return as Bischoff.
The last two members, I believe, that will be revealed are Garrett Bischoff and Wes Brisco (who is obviously the blonde haired member of Aces and Eights). There reasons are Wes Brisco being fired from WWE and believeing he shouldn't have to have went throught Gut Check because he is "wrestling loyalty". And Garrett to re-align with his Dad and blaming TNA and Hulk Hogan for turning on his Dad.