That Spicely loss is absolutely terrible for Santos, I won't deny it. However, the overwhelming majority of the greats have at least one Mulligan that you only wish they could have a chance to run back. I'm not saying Santos is great, but he is really, really good and he may well have the most KO power at 205 (off the top of my head, I can't think of anyone that cracks harder at the moment). His chin is weak, his submission game is meh (although his wrestling and TDD are actually pretty decent), and his chest tattoo is stupid but the guy has solid cardio and a real knack for finding people's chins during the course of a fight. Also, he is by far the most deserving and intriguing fight for Jones right now. Well, a case could be made for Corey Anderson, but forget that for obvious reasons.
Jones doesn't really hit that hard nor is he particularly aggressive on the feet in the first round, so I think Santos will be a threat early and it is entirely possible he could separate Jonny from consciousness here. There is no way I'd bank on that happening and I fully expect Jones to submit him in the later rounds but to say he has absolutely no chance is just inaccurate.