I also think it depends on just how much Cody was sandbagging in all his previous fights. Not even Dom, who is just objectively one of the smartest people in the fight game, saw Cody being capable of what he did. He clearly did not display all his skills in his previous fights. So the question remains - did we see everything in the Cruz fight, or is there still more to be revealed ?
I do think based on what we've seen so far that TJ def can beat him, but like I said - I don't know if we've seen everything from Cody yet. If Cody beats TJ decisively I just don't see who else is any threat at BW.
Of course, even if that happens, I would not count out Dom or TJ in a rematch. Both are very, VERY game fighters and they will come back with a better gameplan.