I'd let him back, but I'd go the McMahon route and sort of base his angle on real life by making him start out on Velocity again (good way to jumpstart ratings for that show) and then have him work his way back up. Theodore Long could say something like "We don't tolerate quitters around here, playa. As far as I'm concerned, you're a rookie again. I'll see you on Velocity next week. Holla, holla, holla."
After 2 months of card climbing, I'd let him back into the main event. During all that time climbing the ladder he should roll through everyone they same way as last time, but this time he should try and weasel his way back into title shots, only to get turned down by Long every time.
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