I like Captain Marvel as being stationed on Earth rather than as a wandering cosmic hero. He's an important link between the cosmic Marvel books and the grounded Marvel books. If the Annihilators ever come to Earth, he'd be involved then and serve as an avenue for the rest of the Avengers to be involved. In that sense he serves the same narrative purpose that Agent Brand does for the X-Men.
Ms. Marvel could also work, but she's been rather cut off from the cosmic stuff as of late. Oddly, Spider-Woman has taken on that role with her work for SWORD.
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