Of couse I have nothing to go on buy my wild guesses, but I suspect that what is going on in the biggest picture is that physical reality continues to organize itself at the direction of the primordial consciousness with the objective of capturing total knowledge of reality in a physical manifestation (like language, equations, models, etc.). When this is finally accomplished, another iteration begins with this new knowledge being available to add to the mix so that the next iteration can be even more complex and extensive. I think each such iteration adds a couple of dimensions to the most complex physical structures that exist.
I think it is something like an oscillation between complete knowledge and complete understanding as Dick Stafford suggested. At one extreme end of the cycle, there is complete knowledge and zero understanding. At the other extreme, there is complete understanding but no knowledge.
Another way of looking at it, which gave me my very first inspiration of this idea many many years ago, is in the behavior of a double pendulum: Hang a length of string between two rigid supports at the same level, and then hang two separate pendulums of the same length from this bridle, each fastened a third of the way from one end of the bridle. Then start one of the pendulums swinging in the plane perpendicular to the plane of the strings. What happens is that the momentum periodically transfers from one pendulum to the other. The one starting at a dead stop will gradually begin swinging faster and faster while the first one slows down until it is at a complete stop. Then the cycle begins again in the other direction.
When I first saw that I instantly recognized it as the same pattern of periodic transfer of cosmic knowledge which I glimpsed under the influence of laughing gas in the dentist's chair.
That's not much to go on, but that is what I think is going on in the biggest of pictures.