The Devil is multiple people making up a new faction led by Adam Cole with Wardlow being the initial stable mate. I say 'initial' because the idea is to bring other people in who have issues with MJF and make the faction a company wide threat à la nWo.

It should also be noted that many who are in the know about this are not confident in this angle, but it's said that Tony has put a lot of thought and consideration into the story of this one and was much more open to outside input.