I am very curious what the ideas are for the (rumored) redo. Like I said before, there’s no chance in hell it will be a full knockdown and rebuild, probably a retheme of the existing attractions.
The obvious answer is SpongeBob, since they have licensed the character for years and have a whole land dedicated to it in Texas. Plus, the two water rides lend themselves well to an underwater IP.
Toon Lagoon is just such an oddball in that it is themed to cartoon characters, and thus kid friendly, but the characters themselves had lost relevance by that time for well over a generation and only had recognizability in adults.
I wonder if Universal is doing the mental math on how adults would react to a SpongeBob themed land.