: Tell us then.
Well, I'm not allowed to tell (or even know, for that matter) what MJ had planned, but my own concepts are fairly simple, in an overly complex and difficult to fully grasp way.
First, read Principia Mythica.
Then... sometime a while after M2, the Cath Bruig empire is being rebuilt. Muirthemne is self-sustaining again. A new circle of Avatara have been established. The Warlocks have rejoined the light. The Trow are at peace with the rest of the world, quietly rebuilding what's left of their lands. Things are looking kind of up, except for the fact that the Myrkridia are still loose and breeding, the Ghols are still organized and occupy Stoneheim, countless minor necromancers now know how to raise the dead, and the Fetch are still trapped here. But that's not a problem: the forces of the light kick enough ass to keep them at bay, especially since the entire world is now under the leadership of Alric (Emperor of the Bruig, King of the Province, and head of the Avatara).
The trouble begins when the Fetch approach the Dwarves with a proposition: use your 1337 magic-engineering skillz to built a sort of quasi world knot that can beam us down the Devoid back to our own realm, and we'll be out of your hair forever. The Dwarves agree. But the Fetch also make a secret pact with the Ghols, who worship the same gods that the Fetch are priestesses of: when the Dwarves are done, attack them, so that we can use the device to release the Old Gods, who will accept you as their followers.
But as the Ghols are still somewhat under the servitude of the Trow ("or we will fell your people like a pine forest"), the Trow learn of this, put 7 and 7 together and realize that the Fetch are related to the Callieach, who created the Devoid, and determine to put a stop to this. So the Trow threaten the Ghols back into line, and go to assault the Dwarves and Fetch working at the Devoid.
The Empire gets word of these events and goes to put a stop to the whole deal; they inform the Dwarves of the whole story, at which point the Dwarves turn against the Fetch. The Ghols then attack the Dwarves, and the Trow, not liking to be disobeyed, turn against their Ghol armies (the Trow are reluctant to fight on their own nowadays). In the ensuing battle, the Fetch very nearly complete the portal to the other realm and release the Dark Gods, but the device is destroyed in time and it is not opened.
I haven't figured out the whole rest of the story yet, and I need to sleep soon, but somehow the Callieach manage to return to our world. The Trow don their ancient battle armor and swords and go to war with the Callieach once more, allied with the forces of Light. Spiders, Fetch, Ghols, and Callieach, maybe the Myrkridia too if we accept M3's origin for them (which I'm not sure I do), all allied against the forces of the Light. The lesser necromancers would probably be seduced by the power of the Dark Gods, but ultimately betrayed by them. I want to work in something about the Dream of Unlife being used by the Light, perhaps to create an army of spirit-warriors or something. I need to think of which explanation I want to take for the Leveller - a part of Wyrd's plans or an affect of the Dark Gods - and implement him accordingly. I might want to end it with the reuniting of the 49 Dreams and the end of Myth as we know it.
But now I have to sleep.