no no no, he needs to get premoted and be renamed ricochet.....and he would also get an appropriate recoloring to go along with his promotion
Being an elite guard member, he probably does outrank Prime, however, I can see it being that he does not feel the necessity of rank, therefor refuses to be a part of that system. He is Jazz, he is his own bot, regardless of any "ranking" system. He's with the elite guard because thats what he believes in, and nothing more. If anything were to change in the elite guard, he'd rip off his crest, and head straight for earth to study it's nature and culture and possibly train with Prowl.
Well what if his rank is 'Agent', making him Agent Jazz and Agent Meister when TFA eventually reached Japan's shores?
I was thinking about this, but in the G1 continuity, I think if Jazz got the matrix, he'd be called Miles Davis.