Cody is lost in the mix right now. Too many storylines revolving around people and there's no room for him at the moment. There's many in the same situation on the roster. Too much story around The Shield, Ryback/Cena, The WHC feud and the pending Ziggles/Big E feud, Daniel Bryan proving he's not the weak link thing, new Heyman guy, Fandango/Barrett/Miz feud. There's only so much that can be done. He needs to spend his time as a filler, much like Sandow, Sin Cara, etc...until there's an opportunity for him once the above feuds end.
I don't know how much longer The Shield will be doing the dominant force, 3 on 3 matches, but a great scenario would be Orton getting jumped by The Shield after a match w/ Cody, and Cody makes the save. They're both getting beat down and Ted Dibiase returns and we start a Legacy vs The Shield feud.