What is the possible interpretation of the joke and what does it remain to be seen?
The only way it is homophobic is if the gay population took it to mean that Donald Trump is actually gay & they found it insulting that Colbert would lump him in with them for a laugh. But as a joke for those Americans who do not understand, it implies that Trump is Putin's b***h. And that remains to be seen. Money buys a lot of things.