As noted earlier, via @Wrestlevotes, WWE is planning to make significant changes to the announce teams when they make the other changes for the fall following the SmackDown Fox premiere on Friday, October 4. It was also noted that there's talk of bringing the two-man booth back.
It should be noted that these changes with Cole and Joseph are not set in stone, but this is the working idea.
Cole currently calls RAW with Corey Graves and Renee Young. Joseph is calling 205 Live with Aiden English and WWE NXT Superstar Dio Maddin, who made his debut last night to replace Nigel McGuinness, who is headed to NXT full-time to call the Wednesday night USA Network show with Mauro Ranallo and WWE Hall of Famer Beth Phoenix.
There's no word yet on who will work RAW and SmackDown with Joseph and Cole, but the announce teams are expected to be exclusive to each brand. Tom Phillips currently leads SmackDown with Graves and Byron Saxton. There's been talk of having Renee be exclusive to SmackDown, because she will be hosting the FS1 WWE studio show on Tuesday nights. Graves could stay on RAW to call the show with Joseph. There's also no word on if 205 will be called by just Maddin and English each week.
Stay tuned for more updates on the WWE announce teams.