Google did something new at I/O this year. They released the next version of Android as a developer preview. As many are familiar with, that release is called Android L, and so far there has only been speculation in terms of what the next Android dessert will be. Some have referred to it as lollipop, and it looks like the Cyanogen team is currently calling it Later.
The Android L as in Later designation from the CyanogenMod team comes in regards to how they will not be starting work on CM12 with Android L. A recent update on the CyanogenMod Blog mentioned how this developer preview release is "exciting to see happen." But just as quick as they were to say that, there was also the reminder about how "the code, being a preview, is non-final and likely going to change."
Basically, now that the Android L developer code is available in the AOSP trees -- we could begin seeing some ROM releases based on the code. It is just that none of those releases will be from Cyanogen. But that isn't to say the CyanogenMod team will completely ignore the release. They are planning to start checking the code in an effort to spots any gaps, and then to find possible solutions for those gaps.
The team also mentioned how they are using the current developer preview code to "figure out what CM features can go, and run preliminary assessments on how badly device support will break." And on the positive side of all this, this early prep work should speed up a CyanogenMod release once the final Android L source code is released.
Having said all that, next up from CyanogenMod will be the CM11 M8 (Android 4.4.4) release, which is set to drop after the July 4th weekend.