Will depend on how high Ray is. It’s not until we find out what his bounty is we know for sure who Zoro’s final benchmark is. Roger’s significantly above Shanks, is being the FM of the Roger Pirates enough to put Ray significantly above Mihawk?
Hard to say. Mihawk would seem to be > Prime Ray, given his black blade and title. Also, Mihawk is more a more equivalent Roger figure to Zoro, since being the WSS is his dream. He doesn’t especially want to surpass Ray. So from that story perspective then the argument would be Ray’s bounty will be lower than Mihawk’s.
On the other hand, it could be the case that Oda emphasises the collective more of being the crew to discover the VC (latest chapter could support this), with Ray’s bounty then being higher than Mihawks. He’ll likely be weaker than Mihawk, but not that much. Still an exceptionally powerful guy. So Oda could go, say, a ranked 100 swordsman has a lower bounty than a ranked 98 swordsman + being the PK right hand. That’s also fairly logical.
And maybe Oda will want Luffy and Zoro to surpass Shanks and Mihawk at the same time, and then have another raise past Roger and Ray. I don’t think this is all that likely though. I think there’s probably two raises left in the series. Next one about a billion boost for both, then the final one.