Even if you think Islam won, the fight was competitive to where if you ignore size advantage Volk looked the superior fighter. Volk would likely be double champion if he was facing Charles Oliveira.
Now the question is do they do a rematch or does Volk defend his title? The UFC went full retard and crowned an interim FW champ so he has a challenger waiting.
He didn’t lose his spot. Even if you believe that Islam won the fight you can’t possibly think that he can climb the p4p list by fighting down in weight and barely winning the fight. You climb by going up a weight class and beating the champ, but he will never do that. He would rather cut way too much weight to fight smaller guys, just like the guy he shares his bath tub with.