#3 Returning to NXT to find her footing
I don't think that returning to NXT is ever really a demotion, per se. Just look at how much more Tyler Breeze is doing in the black and yellow brand than he was doing in the main roster before this.
Why I'm making this suggestion is because Morgan could go to NXT and come up with a whole new persona that she can bring to the main roster. This could be a long-term storyline about her losing her focus and who she is by coming up with a new character to take Flair down.
This kind of cross-branding would bring new eyes to NXT and honestly, also to the main roster, at least to the blue brand. I know a lot of fans right now are disillusioned with the overall product at the moment.
Even legends like Sting evolved many times during his wrestling career.