Hard to say, of course. I used to think Clay was waiting to release his long-awaited second CD after his contractual obligations to AI ran out. But it's been such a long time (going on three years) that it's hard to escape the notion he may just not want a recording career.
Every year he has done a moderately successful tour playing in small venues. He did put out a very successful Christmas album in 2004, and he turns up on TV sporadically. But that's pretty anemic for a guy who had such potential.
Interesting stuff. Maybe he doesn't want the hectic schedule? Why go through al the AI hype if you don't want a career in the field? Maybe he is holding out for a long term Vegas gig?