2 Peter 2:1
But there were also false prophets among the people, even as there will be false teachers among you, who will secretly bringin destructive heresies, even denying the Lord who bought them, and bring on themselves swift destruction.
I take this to mean that false teaching in the church replaces the danger posed by false prophets in the old covenant. From that premise, I think it’s safe to conclude that teaching in general replaces prophecy as God’s primary means of communicating to his people. You can see this in church history: where prophecy has been practiced, its influence has been insignificant compared to teaching in the church.
However, you can’t conclude that therefore prophecy has ceased. Was there no teaching in the old covenant? I think a better conclusion is that prophecy and teaching switch places in terms of relevance. Formerly, false teaching was relatively less significant, because any new doctrine would have to be ratified by prophecy, or it would be considered prophecy, and subject to prophetic tests. Now, any prophetic word has to be ratified by the guardians of church doctrine, or it is considered teaching and is subject to doctrinal tests.
The result should be that we are relatively free with prophecy and relatively reserved with our teaching. Suppose a man prophesies that it will rain on Wednesday, and lo! it doesn’t rain. Is he a false prophet? Not really. He’s a silly man, attempting to be obedient to the scripture that says to pursue prophecy. He should be advised that he blew it, but to keep trying. Suppose again that a man teaches that no one may prophesy regarding rain on Wednesdays. Well that man might well be on his way to becoming a false teacher. He should be answered directly, on doctrinal grounds, paying close attention to how great a risk, really, he poses to the life of the church.