At one time, he was considered a leading candidate for Secretary of Commerce. Those days are over. He hasn't made many friends on the Hill, and his closeness to Obama makes Senate confirmation troublesome. So he will have to go somewhere that doesn't require confirmation. He keeps saying he's not leaving, but that's only because he doesn't know where to go yet.
If Wheeler gets the job, he will be an advocate for "wired" communications over wireless. That was his role at NCTA, and so broadcasting will take a back seat. Again.