Not sure I follow...
The fake win was after Mania 2000 when Jericho had been in the WWF for about 8 months and hadn't had anything above midcard feuds by then. Matter fact, that match kinda came outta nowhere cause he was feuding with Eddie over the Euro title just the week before.
Over the next two years, he won the IC title a couple times, teamed w/ Benoit to go over Austin and HHH for the tag belts, was a main part of the WWF/Alliance feud, won the title at Vengeance 2001... then lost the title to a returning HHH at WrestleMania. I don't dispute that he definitely moved down the card after that spring.
I don't see where the win on Raw has anything to do with anything tho'. He went on to better things after that.
Breh I was thinking the fake win was sooner than it was. From the dates in post 1 to the end of the post, jericho was destroyed.
Even HE says so.