For a long time, Bischoff has been the President of WCW. Then when he joined the nWo, he was a heel of course, and he abused his power in advantage of the nWo whenever it was neccessary. A real son of a bitch, hehe. He got in a feud with Flair once and he fired Flair just like that. Flair was unable to enter the building even.
After a long time, Flair was reinstated and got a match with Bischoff for the Presidency of the company. Due to nWo interference, Flair lost the match. They got a rematch and Flair won it with help from WCW wrestlers, including a returning Macho Man, who tricked the nWo by entering wearing an nWo T-shirt, but then helped Flair out.
That's where Flair was President of the company for a long time, until he went power hunry too and started abusing his power aswell. Bischoffwas not present during that period.
Eventually Flair lost a Presidency stipulation match against Sting, and Sting gave the Presidency back to the board of directors.
That's where the Powers That Be came around with Vince Russo at the helm. That ran for about 6 months, and then all the story lines were dropped.
And then the New Blood was introduced. Eric Bischoff returned and teamed up with Vince Russo to rule the company together. Both as heels of course.
No, Bischoff is not gay. I am unfamiliar with the term 'significant other', so if that has to be a parter in life, then it's not gonna be him. But he is the ultimate man, who nobody would ever expect to join the WWE.
*thinks back to period when DX was poking around in WCW territory, and Bischoff had a match with McMahon, but the last one never showed up of course*
So then it could be:
Macho Man -- sign. other: Gorgeous George
The Demon -- sign. other: Asia
Lex Luger -- sign. other: Elizabeth (storyline only)
Scott Steiner -- sign. other: Midajah (his ultimate freak)
But none of those is really somebody who nobody expects to join the company. We'll see.