With the young guns with more hunger, drive, and diverse talent, like Davis, Gus, and especially Jones around, Rampage realizes he's not a title contender anymore. That is, unless he pulls a Sonnen (don't know how, since Jones scrapped him already) or he serves as a late replacement in a title eliminator and wins (or is a late replacement for a title fight).
All Rampage really has left to do at LHW in the UFC is to have a rematch with the likes of Shogun, Forrest, and Rashad (the latter only if Rashad somehow loses to Little Nog).
Maybe there is a chance Rampage goes to MW (he's only like 5'10, lol), or does a catchweight bout to end the quadrilogy with Wanderlei or do a rematch with Hendo.
As for where he goes, unless he gets the King Mo TNA/Bellator offer and he still wants to fight, he'll re-sign with the UFC. If he wins, though, he'll leverage for a bigger contract. If he doesn't want to continue fighting, he'll become a television personality, a pro wrastler, or run a MMA gym full-time.