No plans for any retirement policy. I think that would be unfair.
As powerful as Godhead of Awe is, it's only really great because Melkor's a great player and it works well with the rest of his deck. Getting the combination of Godhead, Cursed Scroll and Humility in the initial draft really gave Melkor a powerful base to work with. I personally think the Scroll is the better card for him, since it's harder to deal with and can get rolling sooner.
The later drafts are really the only way to maintain competitive balance because any new bombs will get pulled before Melkor gets a chance to draft. Unfortunately, with so many players dropping out during the first season, it's going to take some time for the really great cards to surface.