Edison Trent stated in the OP: "He told me that the latest rumor from Bethel states that the COs should be abolished in their present form."
I think in their present form is key. That doesn't imply there will not be CO's, only that there will likely be changes to the usual methods of doing things and possibly the authority or responsibility of a CO.
Maybe the position will be given a new title. Maybe there will be 4 annual visits of fewer congregations, or maybe unannounced visits to catch elders off-guard and see what really goes-on.
As some have speculated, perhaps retired local area elders will be 'trained' to assume the position for a short while (forced retirement @ 70), while not receiving any financial compensation from WT. Maybe they will mostly act as observers and auditors of congregation affairs, reporting back to WT.
WT always want control and the CO position provides the control link in whatever new form it takes on. I don't expect the entire position will be eliminated although it may appear radically different than anyone is accustomed to.