Nowadays, Regal's only other options are
TNA and possibly Ring of Honor as they're pretty much the only U.S. companies signing wrestling talent for full-time work. It's possible that TNA could hire Regal, but that's far from a guarantee. If Regal were to be fired from WWE, it's either find a job with one of those two companies if he wants to continue wrestling, or possibly start looking for a new line of work.
After being let go from WWE in late 2006, Psicosis -- who is not a legal U.S. citizen -- was unable to land a job stateside and so he headed back to Mexico. Back in March, Psicosis got caught crossing the border to work an indy wrestling show using tourist papers. The authorities took away his tourist papers and he was deported back to Mexico as a result.