It was a terrible decision to take on the rematch. They should have left well alone and spent the next 12-18 months building up his record and his confidence and waiting for the heavyweight scene to sort itself out, as it undoubtedly will very soon when the Klitchsko brothers get bored and pack it in.
Now Price needs to regroup - Get himself a new trainer, tell Lewis to stay away from things and go beat up a couple of willing punchbags..... Then, hopefully, he can bring some new technique to the ring and then be able to challenge some half decent fighters without crumbling once Plan A goes belly up.
Its not impossible he can turn things around, stranger things have happened (look at Frank Bruno), but he's going to have to put in a lot of hard work from here on in.