If he doesn't retire, I think a year or more off for him to heal and work on defense, and then, come back and fight people ranked much lower. I mean, with a loss/KO streak like his, he shouldn't have been in a title eliminator anyway. Maybe a guy ranked 10-15 because he has a name, but I think it's time to start over and fight some guys with a bit less experience, or fight some people who are down on their luck also.
Actually, if they are going to give Chris a fight, and they want to revive TUF, make him and Rockhold coaches. Give them basically a year between casting, filming, broadcast etc to get healed up and have them fight.