As noted, James Storm was spotted backstage at WWE NXT Takeover Respect tonight in Winter Park, FL.
PWInsider.com confirmed Storm was indeed backstage for the Network special, but was of course not used on the show.
Additionally, Storm posted several Tweets indicating that he might have struck some type of deal with WWE and/or NXT.
According to The Wrestling Observer, Storm has been in talks with WWE as of late regarding some type of player-coach role in NXT.