Warning: contains spoilers for Heroes Reborn #1!
In the Devil's version of the Marvel Universe, Phil Coulson is the president. When the MCU began in 2008, Marvel Studios introduced Clark Gregg as SHIELD agent Phil Coulson. He became a firm fan-favorite, and Gregg even went on to star in Marvel's Agents of SHIELD. The character was popular enough that Marvel Comics introduced their own version of Coulson - but something's gone badly wrong with him.
Agent Coulson was killed by Deadpool prior to the Secret Empire event, acting under the orders of a twisted Captain America, but Coulson was resurrected by Mephisto - Marvel's version of the Devil. Jason Aaron's current Avengers run has been setting Mephisto up as the greatest villain of the entire Marvel Universe, and his plans appear to be building to a climax in the current Heroes Reborn event. History has been mysteriously rewritten, with the Avengers erased and replaced by the Squadron Supreme. Only one person remains from the original timeline, Blade, and he's working to try to put matters right.
Heroes Reborn #1, by Jason Aaron and Ed McGuinness, reveals that Phil Coulson is president of the United States in this twisted new timeline. The Squadron Supreme already answer to Coulson in Marvel's main timeline, so it makes sense that would still be the case in this twisted version of reality. "They really are something, aren't they," President Coulson asks his bodyguards. "Our Squadron. If anyone ever deserved to have a universe revolve 'round them..." He pauses for effect, and then continues, "Look at it, son. I mean, take it all in and tell me the honest truth... have you ever seen a world more beautiful than this?" It's a disturbing scene, not least because it seems to imply that like Blade, Coulson knows full well that things aren't as they should be.
Marvel's promotional materials have revealed Mephisto is involved in this event, and given his prior scheming, it seems likely he's behind the shape of this new reality. Coulson may claim this world is perfect, but Mephisto doesn't create anything without a dark twist to it. His goal is to restore a universe in which the power of the Hell Dimension overwhelms all of reality. By erasing the Avengers, he would remove the only thing that could defeat him. If President Coulson is his pawn, then this version of the Squadron Supreme - created as obedient clones by Coulson - would be powerless to stand against him. Earth does not know it, but it is defenseless.
The interesting question is whether Coulson fully understands what he has done, or whether he foolishly believes he can triumph over Mephisto. So far, it looks as though all Coulson's worst characteristics have been exacerbated by Mephisto, and that may well include his pride - meaning he may think he can outsmart the Devil at his own game. If so, he's in for a shock - and he's sure to prove just why the world needs the Avengers.