The thing about Jacobs belt is it is the lesser WBA belt, where GGG holds the real title. The WBA is supposed to order GGG-Jacobs because by Jacobs having the belt he is basically GGG's mandatory for the real WBA title. It would be a way to condense the phony belts going around.
I believe that Canelo isn't concerned with belts and I wouldn't be surprised to see him drop the WBC belt.
I think the overriding factor is it will have to be on their network too. HBO isn't letting their guys be on PBC. Look at GGG-Jacobs, there is no way HBO will let GGG fight Jacobs on PBC. If the fight is made PBC and Jacobs would have to agree to be on HBO.
I made the post with the assumption it would have to be on hbo. A fighter signed to a network like HBO is not fighting on another channel unless it's a special exception.