Per storyline, Jericho planned to quit if he did not win the Six-Pack Challenge Match at Night of Champions. Randy Orton was victorious.
During Monday's match (which he also lost, and looked distraught afterwards, as he has lately), Michael Cole and Jerry Lawler said Jericho reneged/claimed he never said he would quit.
Jericho does have European and Australian tours planned with his band, Fozzy, this fall/winter, so there is a chance he may be taking some time off. However, considering how well the Ryan Seacrest of sports entertainment has juggled his various jobs in past, I don't expect any absence he takes to be noticeable-- unless, of course, that contract isn't exactly finalized...