Yep, he's starting to waste away. The continued drug use into his 40s won't help matters.
It's a shame really, Jay is obviously addicted to the gym/working out/believing that he'll compete and/or win the Olympia again - he's let nothing stop him, even the break-up of his marriage, loss of business partners, sponsorship deals etc. Give it a few more years, he'll be left with nothing.