Here's my personal view, I ain't done much physics in a long time and anyway I was doing complex many-body theory on computers, none of this fundamental stuff. (and I think it's Field theory you are asking for, I assume. Unless we are looking at smoothed down, reading for sanding theories...)
A couple of major issues.
Firstly we have two major theories that have been tremendously successful in their 'domains'. There is General Relatively (GR) which has proved very good at describing the very large. And there is Quantum mechanics theory (QM) which had proved extremely good at describing the very small. And although there have been some interesting approaches at applying GR thinking to the very small and QM thinking to the very big, neither really works in each others domains at the moment. We don't see 'Quantum galaxies' nor can we apply GR to the two slit experiment.
So you'd think that the 'Grand Unified Theory of Everything' would be some sort of mixture of the two.
No. Philosophically speaking it would be like trying to mix oil and water together. They won't mix, they are fundamentally different animals. (People have tried a lot to get the fundamental axioms together and trying to build something that is both. But nothing has really come of all the approaches - and they are many.)
So we need something new. How are we going to do that?
Is it string theory? NO! The problem with string theory is that although it is mathematically very elegant, but has yet to come out with a single testable hypothesis since its inception in the 1980s. By the very definition of science it currently doesn't qualify as one. It may in the future come up with something...or it may (IMHO) turn out to be a dead end.
Thus I believe we need to do real physics and real experiments on matter and energy where we can both apply QM and GR. Really in my mind, this means we need to be up close and doing countless experiments next to massive masses (or to put it another way, black holes.) There GR is currently used to describe the curvature of space-time to find the properties of the overall object and because of the massive contraction of the mass into a black hole there is also a scale where QM starts to become the more prominent. It is
experimenting with objects like this
close up (not just observing them from afar through a telescope) that we can start to build an all-encompassing theory that takes both into account. Essentially we need to be able to do the hypothesis/test/examine loop of proper science on a state of matter where both GR and QM are fundamentally valid.
If we can't get to a natural black hole then perhaps we can manipulate matter in the lab to do this - I don't really know if it's possible. It may be, it may not.
So as it stands now, according to my thinking, if we can't fly spaceships to investigate black holes or can't construct very high curvature space-time with mass in the lab, then I think it will be impossible to get a grand theory of everything. (We might be able to describe a grand theory mathematically, but if you can't find evidence for it, how can you possibly know if it's right?) Of course we may stumble across some other insight in the meantime that rubbishes my thoughts and let's us move on, but that's science for ya!
Second issue. Who cares. Yes, it would be a massive intellectual achievement if we have a theory that is valid over the extremely large to the extremely small, absolutely brilliant. But it will be most likely be useless at working out the tensile strength of a novel collection of elements in a new combination molecular structure, or trying to work out what the climate of the Earth will be like in 100 years time, or trying to describe the flow of water in a river...and a billion and one interesting physical questions.
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Ray - you could have:
Mass is a property of stuff that we describe usually as 'matter', that causes the geometry of space-time around it to deform in such a way that other bits of matter will respond as if acted on by a force, i.e. Gravity.
Or if GR is not your thing, you could say that objects that we define as matter interact with each other via gravitons, the result this particle exchange giving rise to the fundamental gravitational force.
Currently I'm pretty sure they haven't observed gravitons (but I think they are implicitly there if the Higgs Boson exists, which is seems to), so the first explanation is usually the bog-standard one. Does that help?