Although I cannot comment on the MRI without seeing the scans, if there is compression of the L5 nerve root, this could cause pain
that radiates down the outside
of the leg to the foot
, possible weakness in the muscles that flex the foot up. It seems fortunate that you do not have these symptoms. Even if these symptoms do occur, they are treated conservatively, and they usually resolve.
I cannot predict if your condition will change. Probably you will continue to have some disc bulges on MRI.