But he is one of the most over people in the whole WWE.
They might just redo MITB with him next year, and start all over again.
Where does it say that if the wrestler is fired from WWE, he can't be hired on a new contract moments later.
They could, but keep in mind that reason he was let go in 2003 was because he refused to go to rehab. Given that Vince and the WWE have been pushing their wellness policy as on par with the NFL's, to keep a worker after a third violation would be like saying, "We were just blowing hot air. We really don't care about protecting our contractors or employees. Do as many drugs as you like, you'll still have a job with us."
At the end of the day, Jeff would need to stay clean for a couple of years at least before management even seriously considers putting the strap on him.