The wireless physical (PHY) layer has enabled successive generations of cellular systems through advances in modulation, coding, waveforms, and multiple-input multiple-output (MIMO) transmission. This article assesses whether these techniques are now approaching maturity and where substantial further gains remain possible. Field measurements and quantitative evaluations indicate that many link-level refinements, including constellation shaping, channel-code evolution, reduced-complexity receivers, and waveform enhancements, remain valuable but typically provide bounded gains that must be balanced against implementation complexity and overhead. In contrast, massive MIMO and distributed MIMO offer a more scalable system-level opportunity by increasing the number and quality of usable spatial channels. Their effectiveness relies on time-division duplex reciprocity for scalable channel state information (CSI) acquisition, while practical limitations include calibration, pilot reuse, channel aging, weak pilot reception from cell-edge users, and the fronthaul and synchronization requirements of coherent distributed operation. Artificial intelligence and machine learning (AI/ML) provide complementary opportunities for further PHY layer innovations. The PHY layer is therefore not dead; its most consequential advances will come from deployable spatial processing and CSI acquisition, complemented by targeted link-level and AI/ML-based refinements.

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