He still races as a Continental Pro, over in Japan. Much like how Davide Rebellin and Óscar Sevilla keep on racing and can't let go.
A lot of the Puerto exiles that didn't get banned or go into retirement (likely being volun-told to go away quietly) would be persona non grata from big races and would find their way to other scenes. A few, at least those who hadn't been too obviously embroiled, would ride out an exile and make it back to the top tier after a while (take someone like Rubén Plaza or Ángel Vicioso as an example), and for a while the main area for them was Portugal, with the Volta being a haven of the Puerto exiles thanks to the Portuguese domestic teams at the time paying pretty good salaries compared to the neighbouring scenes, before a combination of the financial crisis and the successive large scale busts of LA-MSS and Liberty Seguros Continental and the withdrawal of Benfica saw the bottom fall out of the scene. People like David Blanco, David Bernabéu, Constantino Zaballa, Eladio Jiménez, José Pecharromán and Isidro Nozal, as well as other previous offenders like Santi Pérez, would congregate there.
In 2007 while Operación Puerto was still ongoing, some of the Spanish ProConti teams took advantage of these guys arriving on the market for cheap because of being too toxic in the circumstances, similar to what Savio used to do with Androni and its predecessors at the time. Nozal and Jiménez went to Karpin, and Relax-GAM had Sevilla, Mancebo, Vicioso and Santi Pérez. Bernabéu was at Fuerteventura-Canarias, a team formed out of the ashes of the fallen Comunidad Valenciana (formerly Kelme) team. However with the financial crisis impending and many of these riders being unwelcome at big races, both Relax and Fuerteventura ceased operations after 2007. By and large, these guys moved on into Portugal seeing as they could more or less ride the same calendar that way, but Sevilla (in 2008) and Mancebo (in 2009 after a year in Portugal) chose to go to the US and ride for Michael Ball's short-lived Rock Racing enterprise, a team which was focused primarily around presenting a "bad boy" image and celebrating former dopers like Tyler Hamilton and Kayle Leogrande, and also taking on guys from peak EPO era like Victor Hugo Peña and Santiago Botero as well as coaxing a way-past-his-prime Mario Cipollini out of retirement. It seems like this was what made them more blackballed than ever before, being part of a team that actively celebrated the presence of doping in the sport. However, while Sevilla married his Colombian wife and moved down there and remains there happily to this day, Paco travelled around a bit as a mercenary on a "have race licence will travel" basis, competing for random Greek, Emirati, US-American and Dominican teams, as well as in non-UCI races in club teams, through his mid- and late 30s before settling in Japan where he's been racing since 2019.