In my opinion, they should continue what they started: revamping the series. But this time: be brave enough by dropping some of the characters for WELL-DESIGNED good new characters.
RETURNERS FROM SCV
Patroklos - He's the new protagonist of the series. He must be back with his sword and shield. Be way more aggressive and have some attacks from his "Alpha mode".
Pyrrha - As the second most important character, she must come back also. The "cured" version, her original style but a bit less innocent - some moves from precessors (even from Lizardman from SCIV) can help on that.
Z.W.E.I. - Of course. His style is one of the most unique ones I've ever seen and has some potential. And an awesome anti-hero.
Leixia - A replacement of a classical character who was related some of the older ones. However, the main reason that she was a new character, and also was more important in the story than "the really important" Viola. BUT her style should be a bit improved in the way that it could be more different from her precessor. She needs some unique moves definitely AND some moves from Yun Seong.
Natsu - She should come back, but with a revamped style. Some throwable shurikens, a bit more ninjutsu used, and only one kunai. Some kind of mixture of Chester's and Greed's movesets from SCIII with some moves from Taki, and a bit revamping.
Viola - Her style was good and inspiring, just balance it a bit.
Xiba - This time, his all unique moves would be kept, but every Kilik-related stuff would be dropped and would be more like a successor of Seong Mi-Na with his own unique moves.
Aeon - That style is really interesting, but it needs a bit buff. Except that, I want to see him back, but with a permament wings on his back.
Tira - Even if I don't like her, she must return. Her fighting style is not even the best with CaS.
Voldo - Same as Tira, and the series needs a bit more villains.
Yoshimitsu (II) - Interesting style, well-made designs, mystical personality. Has some potential, but he should get some moves from Mitsurugi.
Elysium - She has some potential, since her background story is really interesting, but needs her own style. Since her select screen shows her with a shield and sword, she should use Pyrrha Omega's style and/or Sophitia's style.
Edge Master (II) - Kilik, as the next Edge Master. Mimicry, but always starting with Olcadan's style (read the details below), and has unique CE, taunts and so on.
Nightmare - The staple of the series. However, some of Siegfried's signature moves, which was still had by Nightmare, should have been replaced by other, more unique techs.
RETURNERS FROM PREVIOUS INSTALLMENTS
Olcadan - No, not another mimicry character. This time, he'd be back with his own style, which would be based on Kilik's style, but with some moves from Zasalamel's moveset.
Taki - The good ol' Taki with her own style.
Cassandra - Since her moves are still unique, even if there are a lots of Shield and Sword users, she can return as an individual character.
Talim - Yeah, she must come back. She's too unique to not come back, and that tonfa is really needed - even with or without blades.
NEWCOMERS
Bangoo - The son of Rock is just one of the most favourite characters of the series and still not included. He should be back, with some of Astaroth's moves, some of Rock's REVAMPED moves and some unique techs.
User of Flamberge - A zweihander style with some moves from Strife from SCIII.
User of Longsword - A character with a traditional longsword, which can be used in one and two-hand too. Stance would be selectable. Some of Vader's moves would be used for his style.
User of Rapier - Recurring Amy's moveset, and also get the best moves from Raphael, and we have a perfect Rapier-user style. Just make the animations a bit more masculine and remove every vampirish element, and add musketeer ones instead.
User of Katana - This one is also a bit unique, even if it would be a mixture of Setsuka's and Mitsurugi's style. A really fast character would be, with good range, but with weak damage inflicted.
SOULS - CAS-ONLY STYLES
Soul of Mitsurugi - Even if some of his moves were used, he can return as a CaS-Only style, especially if they use his previous fighting style as a base, not the SCV one.
Soul of Hilde - Didn't return as a main character, but return as a selectable style. Same for the characters below.
Soul of Maxi
Soul of Li Long
Soul of Hwang
Soul of Cervantes
Soul of Setsuka
Soul of Algol
Soul of Siegfried
Soul of Ivy
Katana - Mostly a mixture of SCIII CaS-only Katana-related styles.
Dual Sword - Two longswords. A really fast style, depending on some combos. Similar design as Shura's weapons. Some moves from Dual Wave Swords.
Gladius - A short sword, but this style'd use some kind of "tackles" during the fight too (similar to Marduk in Tekken).
Musketblade - A mixture of a longsword and a musket. A typical range character, but also can protect itself from close range by using the musket as a sword.
Scmitar - An arabian character with some moves and with the stance of The Apprentice.