I think it's a fair chance that Jeremy would have left the band, before they'd recorded a new studio album. I'm thinking about the way he was an outsider during the "Then Play On" sessions, recording his own solo album.
If Jeremy had stayed, I'm guessing that the next album would have been a double LP, showing the different musical styles of the band reprecented in their live shows:
-Peter's ever progressing tastes of jam and latino.
-Peter's blues
-Danny's pop/country
-Jeremy's R'n'R/50s/Elmore and country
-Instrumentals