I never say never when it comes to wrestling, but I feel pretty confident in saying Jeff has no chance of an immediate return to the WWE.
The guy is a liability, in every sense of the word. He's a walking, talking public relations nightmare, something Vince is clearly concerned with.
Jeff has a drug problem. I don't know if he's an addict, just likes to experiment, deals drugs, etc. I really don't know, same as you all, but given his history, you cannot say there isn't some sort of problem there.
Anyone who messes around with drugs, in any capacity, is a liability, and Vince knows this. He could be arrested again, overdose, come to work unable to perform, etc. I'm not saying it will happen again, but it definitely could, and Vince doesn't need that. At this point in time, Jeff really isn't worth the potential trouble he may cause. I'm not saying he will never have anything to do with the WWE again, but at this moment, or in the near future--not a chance.