"The next interview—are you going to believe her?" he said. "It's like the boy who cried wolf."
While being labeled a racist isn't as hard to rebound from as being accused of murder or being a pedophile, Paul said racism isn't far behind.
"From a business angle, a business will never risk being associated, even short term, with having the label of being racist," he said. "They will cut you loose first to save their own reputation."
One by one, Deen has seen her vast empire crumble as diabetes drug maker Novo Nordisk, Target, Wal-Mart, Home Depot, the Food Network, QVC, Smithfield Foods and Caesars Entertainment have all terminated their partnerships with her.
"I think it's going to be a long time before she gets big national endorsement deals again—if ever," said Nat Ives, AdAge.com's senior editor of media and innovation. "But she'll be fine in other ways—she may keep a lot of her smaller company endorsements."
Several of these smaller companies have rallied to her cause, as have many of her fans, who have taken to the Food Network's Facebook page to plead with the company for her return.
(Read More: Paula Deen's Fans Defend Her in Wake of Controversy)
In Joseph's opinion, these fans who first propelled Deen to fame are the best ingredient in a potential recipe for redemption.
"If she is smart, she will let her fans defend her, let her fans rally other people. I think that would be the smart way to go and the only chance she has," he said.
"If she tries to do it herself, I think she risks looking insincere and like she's just trying to get back into the game as opposed to wanting to be there for their fans."