There seems to be plenty of qualified "next-gen" architects out there, but as Tom mentioned, not many projects. I'm much more interested/concerned to see where the next generation of golf course building comes from.
One has to think the market for destination resorts with courses of huge scale is beginning to dry - between Bandon and the expanding Gamble in the West, Streamsong and Cabot in the East, and Sand Valley and Kohler in between, I doubt there's room for too much more of that. Perhaps even minimalism will begin to fade a bit, who knows.
That doesn't even delve into the market for golf in general, which obviously didn't recover much with the rest of the economy. As such, it's probably foolish to think that there will soon be many more new projects for the Rhebbs/Johnses/Collinses/Claytons, etc. of the world. I think the leaders of the next generation may well be those architects that carve out a niche in full or partial renovation/restoration projects.
Hopefully, at some point owners/operators start to see providing better golf as an alternative to providing no golf at all by closing down. This extends especially to municipal operations and the generally terrible courses they provide (trying to avoid the argument about municipal golf in general, I'll just say that if we have to have municipal gov't, I'm fine with them providing golf courses as they do fields for any other sport). Maybe I'm giving them too much credit, but if they understood that you can actually turn a profit from well-built, adequately-maintained courses, there'd be a great market for architects to revitalize golf courses for the average player, which could actually bring more people to play.
Or, maybe that slightly off-topic rant is all wishful thinking. I'd just prefer to see a way for all these guys to get work, and to get better courses for everybody to play on.