Honestly with the way he's being booked now, why not have Jericho win and start a "downward spiral" for Ryback? Seems to be a better way to go with the character than to try to book him seriously at this point.
I think this would be a good idea. He can even save face somewhat with the heel turn against Cena by saying he wanted to take out Cena and become WWE Champion to make up for his string of losses and all the stuff about Cena never helping him was just an excuse to hate Cena and extra motivate him.
Play up the injured leg and have him tap out to Jericho at MITB, something I'm sure he's never done before (more proof of hitting rock bottom.) The loss pisses him off so much that he starts trashing shit everywhere around ringside, like slamming steel chairs against the post and throwing the steel steps and stuff. (Ironically, this is similar to Jericho's temper tantrum back in WCW when he kept losing matches.) The next night on Raw, he gives a promo about how this isn't what a monster is supposed to be - losing a Hell In The Cell match (Punk), getting repeatedly destroyed by a pack of rookies he should have been able to take apart (The Shield), getting bested by another big man (Mark Henry), failing yet another chance to win the WWE Championship (John Cena), calling off a match because of a measly hurt leg (The Miz) and then tapping out outright (Chris Jericho.) Afterwards, he then just drops the mic and disappears from Raw for awhile.
The Jericho match itself won't make or break Ryback either way. If he defeats Jericho, then he doesn't suddenly gain much needed credibility in the eyes of the fans, especially when everyone (including Fandango) beats Jericho these days. If he loses to Jericho, well, he isn't really any worse off.