He has a very good record had only lost to contenders in very close belts but the UFC clearly doesn't like his grinding style by his placement on recent cards and he's 33. If Okami,Fitch,Volkman got the boot I think their is a good chance mike is next. 
It's honestly anybody's guess. Fitch and Okami were both victims of a complete injustice. Pierce might be saved because he has some awesome finishes. May not have been great fights leading up to the finish but he can knock motherfuckers when he lands. But still who the fuck knows
Based on Okami at one loss in a row, yes expect it
It could happen. I hope it doesn't because Pierce is still fringe top 10 despite the Palhares loss imo. Anyone can get caught with a Palhares leg lock, he's like the Nikola Tesla of leglocks. Pierce has done well against most other competition.
Still, Dana will probably say something about him 'not being able to get over the hump' and let him go. Bullshit if that happens.
The only thing getting cut is Mike Pierce's ACL
The only difference would be the pay checks wouldn't it. There is no way Pierce would be getting anything nearly what Thunder did. 