We are currently far, far away from that point. We're just at the beginning of a long, statistics-driven process.

If gravitational waves remain elusive, that would mean there is something profoundly wrong with the way we understand relativity. To be fair, there is arguably a lot about gravity which we don't yet understand - but gravitational waves are pretty much a required feature in many respects.

For example, without them our understanding of the orbital mechanics of massive objects would have to be revised. It would mean that massive bodies orbiting each other do not lose energy due to gravitational radiation.

> Are there any theories of gravity that don't include gravity waves?

Not any credible ones that I know of, maybe someone else can present one?