Tommy is probably out due to the damage from the armbar. In the heat of the battle he may not think his elbow is really damaged just some pain, but it definitely looked hyperextended. However, he should probably be able to fight on the undercard at the UFN coming up. I think they finished taping the show a few months ago so he should be good to go.
Also, I think Dana was right about Tommy. If he gets with a good camp, he could turn into a good fighter. He's strong, has a ton of heart, and can wrestle. He's got a long way to go on striking and BJJ, but he's got potential. He may also want fight in a smaller org than the UFC, to get some experience with better fighter.