It depends on the Roosters. I had two boys that got along great. One matured first and the other never tried to take over.
Another set of boys, when second rooster became first he ran the old ruler off every chance he got. They got into some fights here and there. The rooster who got dethroned turned against me. He went to dinner...
I now have two teenagers. The hormones are running wild so I'm keeping an eye on them. I haven't really seen that one or the other is head of the flock. The girls seem to pay attention to both.
Time will tell with your situation. If Mr Rooster settles into being second in command I would hope Mr Red would accept that. He will probably always keep an eye on him but should stop any kind of bullying. If Mr Rooster tries to regain the throne you may be in for a rough one.
It really all depends on how the boys decide to do things.