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From what I've been hearing, this is the most likely scenario.
Triple H went down with an injury about two months before the story line started. He's been talking about retiring after this year's WrestleMania and it's been written into story lines that he's the boss' son-in-law, so why not have Vince appoint him the on-screen GM?
The Raw GM has gone after people that Triple H has had personal feuds with (Jericho, Edge and Sheamus), like I've made mention before the GM has gone between heel and babyface, HHH does the same and at this point is there really anyone else that it could be?
Think about it, if the "2/21/11" promos are, in fact, Undertaker, then HHH can come out and reveal himself as the GM and proceed to book himself in a match against Undertaker to try and avenge Shawn Michaels.