Indeed. This was always going to happen after Scott's on-stage announcement in Glasgow. Then when Slash said "put it this way, this is not Velvet Revolver's last tour" in a BBC interview, that was basically a done deal that he'd be out. STP is a separate issue.
They're obviously going to carry on, get a new singer, and make another album.
My money is on James Michael.
11/4 Robin Trower
3/5 Maiden United
7/5 One Machine