While we're currently in our second revision of Continuum Shift, the new story modes are slowly opening our eyes to a possible trilogy finale BlazBlue game. I wouldn't consider this so much a spoiler, because it's merely speculation, but if the series were to end, here's how I think it would. It does contain a minor spoiler mentioning the final cutscene of CS:EX, which, if you know the ending to CS, isn't even that much of a spoiler. It's merely just Ragna and Taokaka going to Ikaruga.
So what happens?
Well, at the end of Continuum Shift, here's what we can gather: The Imperator's true identity, the death of Lambda-11 and possible return of Nu-13, and the game ending with Ragna the Bloodedge and Taokaka going to Ikaruga. EXTEND adds in new factors, just how Terumi got into Takamagahara, "Kushinada's Lynchpin," and of course, the new screens from the new story modes.
From what I can see in her cutscenes, the following happens in order; Makoto meeting Rachel Alucard in the Gate, Relius and Makoto meeting up, and then her meeting with Iron Tager. Also according to her Arcade Mode, she's in Kagutsuchi after discovering the several failed attempts by the NOL to create Noel Vermillion at Ikaruga. Perhaps her battle order goes like this:
Rachel -> Relius -> Tager -> Hazama
I have no clue from the screens, but what I can gather is Ragna and Taokaka are involved, along with Relius, and even Phantom or Nine.
"Scapegoat," that's a peculiar story name, however, in her Arcade mode it was possibly hinted she might've been responsible for the death of Nine and assisted Hazama in his betrayal of the Six Heroes. Also, Hazama's victory line against her mentions he "intends to erase every last bit of her", which is seen here. Could this possibly be her end until the third game?
Besides his Arcade ending and a Carl encounter, I have no clue.
The Life Link, and how it could be the key to Ragna's goal
A Life Link, from what I can gather, makes the user and his link immortal unless both are killed. Hazama and Noel have a lifelink, as well as Nu and Ragna having one, which possibly explains why Lambda existed and why Nu is hinted to return even after dying twice. Here's what I have to say; Ragna, if you want to kill Terumi once and for all, Noel will have to go too. Not to mention she was never supposed to exist in the first place, it could be possible that after her death, no one will remember her at all.
Not to mention, Saya had made the world a "world of death," right? No more time loops, all events sequential, that pretty much not only screws over the heroes, but the villains as well. They can die too.
Who will be playable in BB3?
- Linhua - With Litchi now at the NOL, perhaps Linhua will get a combat style of her own and a story mode based around finding Litchi after a "mysterious disappearance."
- A new Mu-12 - Mu is gone and back to Noel, but since they kept a Nu clone, why not either make a Mu clone, or some way for Noel to turn into an artificial Mu by choice? (like a super armor or something) She's with Kokonoe now (along with Makoto,) and if she could make Lambda, perhaps she can make some way for Noel to become Mu, or perhaps a "downgraded" version of her (sort of like how Lambda was basically a nerfed Nu) with Mu as her unlimited form. (Iota-09, anyone?)
"Now I've learned of another possibility!"
- Bang's Nox, Phoenix: Rettenjō, is said to be able to cut ties to the Boundary. Does that mean Bang could possibly be able to save Arakune?