It could also be Setsuka wearing a dirty white kimono, Which could in turn mean that what we think is pink is actually a different shade of red (and Yun-Seong). Or perhaps the gray is Rock upgrading to a snow leopard pelt or something. Hell it could be gray for the color of Algol's thong.If Hilde was represented by the gold slot because she was wearing gold armor, then maybe Hwang can be represented by the gray slot for wearing a gray jockstrap or something.
I don't see how the recent news really changes anything with regard to Li Long; I don't think there was ever any realistic chance he was going to be selected for Season Two, given only three spots are going to legacy characters and there are at least that many characters with bigger fanbases and more unique movesets. And indeed, Hilde being not only added this season but announced first reinforces both of those priorities: Li Long can't compete with Hilde, Setsuka, or Hwang (and/or Yun-seong) in that respect, and is probably lower priority for them than even Rock and Lizardman.RIP LiLong