Why do I get the feeling that by "completely paradigm shifting idea" they mean turning the IP into something entirely different in complete defiance of what the fans wanted? We saw how that worked out for Banjo, Fable, and FASA's Shadowrun. There's also the fact that if you want to bring back an established IP in a fresh way, you need to actually go back to the source material and study it first, rather than leaving it on the shelf and hoping something new might come to mind in the future. Moreover, in many cases, people couldn't care less on how "new" it is; if you revive the IP in proper fashion, that's all they need to be happy. Do that, then come back with talk about making it "innovative".
Not like it would matter anyway. Forget not reviving the old IPs or having only a handful of the heydey of staff, the entire studio paradigm (and by consequence, the games they produce nowadays) is/are nothing like the original, even in its twilight years (re: early 360 era). The studio that calls itself Rare is a completely different beast in name only and it's only by surviving on the former company's legacy they haven't faded into complete irrelevance.