The problem is that Jericho is not a long term superstar for the company. He basically signs short term deals, for 2-3 months at a time, which make it hard for him to get a serious push. We'll all be very excited if Jericho was to get a push for the WWE/WHC title, but its not going to happen until he joins for 6-8 months, unless they want to make him a transitional champion.
Seeing as he's more involved with Fozzy than WWE at this point of time, the company tries to make full use of his Legend status to try and put over superstars.
Nope, he's been touring with Fozzy in between. He needs to come back for a consistent 6 months, be on every Raw and Smackdown, and hold the title for atleast a couple of months. His Legend status is slowly eroding because of constant losses and low-profile feuds.
If jericho is going to keep returnig only to lose then he shouldn't wrestle anymore and just continue to tour with his band because its not fair for long time fans to see him come back only to lose. We have Kane for that. I swear it aggravates me to see a guy of his stature lose to the point where he makes everyone look superior.And don't give me that he just putting people over crap because he doesn't have to lose EVERY SINGLE TIME.