He's in a tough position and it's one of the reasons I've always thought that if you've already lost to the champ it might be a good idea to prolong the rematch as long as possible. Losing twice really throws you into limbo like we've seen with Rich Franklin at MW or BJ Penn at LW.
Honestly, I think he's in the perfect weight class so he might as well just keep trying for exciting fights and collecting big paychecks. He's a top notch fighter and there are plenty of guys who will never hold the belt but that are fan draws. Chris Lytle, Dan Hardy, and Stephan Bonnar are names that jump right to mind. But yeah, he is stuck in an awkward spot. Oh well!