I think he'll probably manage Germany at some point. International management is a lot less intense and he's still in Germany with his family.
The schedule he just sees as too much now to take on another big club job. He doesn't speak Spanish either so he's unlikely to go to Barca/Real (same with Italy) and he won't go back to England, so where else would he go anyway?
What's the chances that, after a rest, Klopp takes the Germany job, then a few months later (after City’s multiple relegation) Pep takes the Spain job, or Brazil, or England (basically whichever country has the strongest squad to play Pepball)?
He's basically like a bit of stuff on Klopp’s shoe he cant get rid of.