No doubt in my mind we see him one day in the future, even if it's just for the HoF. Trust me...no matter how bad the relations between the two parties are, if guys that died of drug use or that never even worked a day in WWE can get inducted in the HoF, then Jeff goes in 100%, he has provided them with a highlight reel arguably better than anyone in the business, and they know it. If they invite someone like Ultimate Warrior, Jeff is a shoe in.
Now as far as him coming back as an active wrestler...to that I'll say it's highly unlikely, but you never really know. 2 years from now if Matt has totally cleaned up his act and somehow is able to beg his way back in to a job, I could see Jeff going back with him for a short run together to finish up their careers in WWE maybe at a WM or something.