"It's actually good timing that I got eliminated because I have to fly over to England for the royal wedding," Jericho joked after learning his fate on Tuesday's episode.
He and his professional dance partner, Cheryl Burke, collected 22 points out of 30 on Monday for a tango that one judge described as "cold, uneventful and a bit lumpy."
Judges' scores are combined with viewer votes to determine which celebrity is eliminated each week.
"Let's be honest: It wasn't my best dance, and at this point in the competition, you have to be your best every week or this is what happens," Jericho said. "I'm proud of all the dances we did and I'm proud to show that a WWE guy and a rock 'n' roll singer can go this far and do this."
Burke told her partner he exceeded her expectations every week. "You've turned into an amazing dancer and an amazing friend," she said.
Jericho joins previously eliminated contestants Sugar Ray Leonard, Wendy Williams, Mike Catherwood and Petra Nemcova.
Tuesday's episode also featured a performance by New Kids on the Block and Backstreet Boys. The now-grown-up boy bands joined together to sing their new single, "Don't Turn Out the Lights," and their hits "Step By Step" and "I Want It That Way."
In a rare crossover between TV's top-rated shows, "American Idol" reject Pia Toscano sang "I'll Stand By You" as her current squeeze, "Dancing" pro Mark Ballas, performed with a fellow pro.
Returning to perform two dances next week will be remaining contestants Hines Ward, Kirstie Alley, Chelsea Kane, Kendra Wilkinson, Ralph Macchio and Romeo.