The fact is, you are not ready.
Note that the phrase you are not ready renames the fact.
In this sentence, the comma stands in for the word that.
How to Diagram a Sentence
By Grace Fleming, About.com Guide
A noun clause can serve as a predicate nominative, as in this sentence:
Prev
- Subject and Verb
- Direct Object and Predicate Adjective
- Clause as Direct Object
- Two Direct Objects
- Adjectives and Adverbs that Modify
- More Modifiers
- Clause as Predicate Nominative
- Indirect Object and Understood You
- Complex Sentence
- Appositives
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