Personally, I'd like to see the MK team pull a "Twisted Metal" and revamp the stories and characters. TM has a history of keeping the same characters but changing them either appearance-wise or storywise throughout the games. TM: Black was a great example.

Since the next MK is going to be on next gen, I wouldn't mind seeing a total reboot with some of the more iconic characters and some new characters (or characters of the same race but with different backgrounds aka a new Tarkatan or Lin Kuei)

For the next MK (if it was a reboot) I'd like MK to return to the darker, Asian-mythology elements of MK2 with characters to represent that...

*Obviously with a reboot not everyone can make the cut so I picked my own iconic characters and a few other character choices to make things interesting

Returning Characters

Kung Lao


Liu Kang


Sonya Blade


Jax


Kenshi


Kitana


Raiden
Sub-Zero


Scorpion


Quan-Chi


Kano


Mileena


Reptile


New Character Ideas

A New Earthrealm hero (introduces a Muay Thai fighter)


An Outworld ronin (possible Kenshi rival)


A New Tarkatan


New Lin Kuei (“Okami”, Lin Kuei who can turn into a werewolf)


Evil Sumo


Tengu Assassin (a warrior of the Tengu Clan possessed by a demon)