Well, Google wouldn't really care so much about monetizing apps. Getting into the gaming market would be quite a departure for Google. To my knowledge, they haven't developed any first-party games for Android devices. Most likely what they would do is what I kinda sorta wished that Paragon Studios had done a long time ago--provide hooks into their back-end system, and API that would allow third parties to develop apps. The third parties release their apps on the Google Play store, and Google gets a cut. Third parties can also include Google ads in their apps, in which case Google would again get a cut.
To be honest, I think that Google is a bit of a stretch because again, to my knowledge, Google has never expressed any desire to be in a gaming market. Also, to my knowledge, Google has
very rarely done something like maintain third-party studios to do their work for them; if this were to happen, they almost certainly would bring all development in-house. Microsoft is with the Xbox and all, but Google has always focused on expanding the reach of their advertising and data mining business.
If this were to be successful for Google, I think that's where any pitch for them would have to be targeted.
One thing I
could easily see Google being interested in is developing a competitor to GuildPortal that is integrated into their existing services such as Gmail, Google Talk, YouTube, etc. I'm not sure they'd be interested in acquiring the IP for a game to do so; they're more likely work with existing publisher and/or studios to develop that kind of functionality, but it might be worth a shot pitching City of Heroes as an opportunity to move into that space.
One really interesting possibility is that Google has been experimenting a lot lately with pushing the envelope in browser technology, including
integrating 3D APIs directly into the browser. This tech is
very new, but has tantalizing possibilities in that anything developed for that platform would run pretty much anywhere, including Windows, MacOS, Chromebooks, etc., without so much as modifying one line or code or recompiling anything. The same exact code would literally run on any platform and would have identical functionality everywhere. Could Chrome be a viable platform as a client? If so, I could imagine CoH being a flagship product to demonstrate the capabilities of Chrome as a development platform, which could be used in pitching the idea.