Mortal Kombat.
Throw the entire current universe out the window and start from scratch in whole other universe. It'd be stylized art like KoF and Blazblue.
The new universe would focus on a Planet that is ruled by 4 races: The Elements, The Creatures, the Flesh and the Brutes.
The Element(al)s would be like Jade, Rain, etc. Their living elements, not humans in colored swaps. FOr example, Rain would look like the Johnny Storm but water based.
The Creatures would be Scorpion, Reptile, Etc. They'd be hybrids - they would shape shift into their creature forms during combo sequences (like XII in SF3). It would also cause new good / bad factions to emerge within the races.
The flesh would be a human like race that has your Liu Kangs, Kitanas, etc. There would be a heirarchy based system so that rather than random military / cop / kung fu peeps, it would be a systematic choice based on combat training levels. The new Striker would be like a castle card, Liu King would be the chosen son, Kitana his bridesmaid, Raiden would be the King, Sonia a Tactician / Field Commander, etc.
Brutes would be the clay types - Kintaro, Motaro, Goro, etc, but with a twist. They'd be deeper in the gene pool history of the races (for example, Kintaro's father could have been a Creature and his mother a Flesh), and any riding creatures like Motaro's horse aspect would have a smaller brute rider on him.
Fatalities, brutalities, stage-alities, and a custom-ality all follow suit, with one important aspect: The losing player gets the chance to counter the fatality at the last second with a two button / button direction press. The press would be a single QTE that is different for every fatality. For example, to stop Scorpion's Toasty, you'd Press Back + Punch to Back Flip out of the way - essentially a Mercy in reverse.