Are you being serious? It's a television show. He was cutting a heel promo, he's getting heat. Goldust was incredibly over at this time, so calling him a fag wasn't exactly pandering to a racist/homophobic audience (besides, according to the New York crowd Shawn Michaels was the fag).
Quite frankly I miss the crazy open-mic promos of the past. Saying awful things in real life is one thing, but having a bad guy cut a bad guy promo for television is something else entirely. It's not real. Generally you don't fire an actor for playing his character.
Jerry Lawler has straight up stopped the regular commentary and made open appeals to the fans on these types of political issues. It's not his character. These are his personal views.
When you're doing live television, there is a fundamental difference between portraying a bad guy and letting a character give you license to make inappropriate comments.
Stone Cold could say "I'm gonna kick your fucking ass, you son of a bitch." or he could say "All you stupid niggers are gonna get what's coming to you."
He played a character who probably would have made such comments, but he didn't. Not because he's a face, but because he knows better.
Game of Thrones is a show set in a MEDIEVAL universe and it at least has the decency to show that their intolerance of homosexuality stems from cultural norms and an oppressive, corrupt religious regime.
Jerry Lawler is Jerry Lawler playing Jerry Lawler. He makes crazy comments yes, but there is a point when the man has to pull the reins back on the character because the two are so entwined, and he didn't.