They've signed Sami Zayn a while back, and they've just signed a guy called Samuray del Sol, who's a cruiserweight. I actually did look a while ago at who would qualify for a WWE cruiserweight division now (<220lbs), and there was a few then. Some of them have left or been fired since then, but I'm sure they'll have been replaced. Even if they don't have a cruiserweight division/title, there's still plenty of room for them to have matches between them regularly.
On the Cabana/colour commentator thing, Matt Striker said in an interview that WWE want to try Alex Riley (remember him? The guy that was Miz's pal around Wrestlemania time...yes, Miz was at Wrestlemania, in the main event. I don't blame you for not remembering, because of that actor guy taking all the spotlight).