Not neccesserely though. It depends on how he would do against Shogun.
Unless he loses a contentious decision and deserves an instant rematch like shogun/machida I think he should go back to that level.
Don't forget that level is only a tier below the top, it would just mean he requires a win against a top contender (or two) before being in line for a second title shot.
If Shogun beats him I just feel there will be others in line for the title a head of him.... Obviously Rashad, Rampage/Forest, Machida if he defeats Randy.
If Jones loses he should fight the winner of Randy/Machida with the winner being lined up to fight either the current title holder or someone like Forest/Rampage with the winner getting another title shot.