ColColton
[10] Knight
It's funny, the timeline of this game, some stories do seem to pull from Soulcalibur II, like Siegfried's ending for exampleIt's not exceptionally clear, really, doesn't have a date on it, but since Setsuka wasn't introduced until SoulCalibur III, it could be assumed that it happened during or after SoulCalibur II, which would make sense why it's left out, because this game only covers up to the beginning of SoulCalibur II. Since it doesn't have a firm date, they could have worked it in if they wanted to, but since they didn't, I think that affirms that it isn't until during or after SoulCalibur II.
Soul Calibur is inside Soul Edge and Siegfried must go and rescue the sword from turning evil (like how Soul Calibur is mixed with Soul Edge in SCII) in the end, he does rescue the sword and manages to get Soul Calibur, his ending stating he will take up the soul sword to destroy Soul Edge
Personally I think, if SCVII is to be made it won't be a complete retelling, it will take some story elements from SCII-SCIV (mostly taking from SCIII) but will also be its own original thing, I guess we'll find out in the future.