It will probably be some Defenders-like film, even though it's marketed as a PIC film with another TNG reunion.
Picard, Beverly, Seven and the Ent-G go to the Delta Quadrant and encounter either rogue Changelings, or Zhat Vash, or (ideally) both. It would also cover the Borg as Picard and Seven get to see what really happened to them (i.e. the level of devastation inflicted on the Borg).
A recently promoted Captain Data with Geordi take the Ent-D out one more time.
Admiral Riker, Troi, and Kestra, and maybe Tuvok on a Luna class USS Titan-B. (I’d promote Troi to captain too, but I’m not sure if Marina Sirtis would want that or thinks it would make sense for Troi at all).
Worf and Raffi team up again and include Kira and Jake to get a mini DS9 reunion.
Harry Kim on the Stargazer, Jurati on the Singularity, Admiral Janeway on the Voyager-B, and Alexander Rozhenko on a Klingon BoP, and Sela on a Romulan BoP.
Wesley Crusher, Q, and maybe Guinan get involved accordingly (maybe the Prophets are why Q is dying, thus giving the audience a Sisko reference).
Maybe a mini VOY reunion at the Fleet Museum.
They'll probably also have a lot of callbacks to INS, as that’s the only TNG film not really followed up on by PIC. Maybe Soji goes rogue and enters the Delta Quadrant to deal with something related to her synth ambassador duties and that’s what sets the film in motion. Maybe there's a synth Tasha Yar, or a daughter of the Borg Queen and Locutus in the DQ that Soji is trying to find (I'm just spitballing. I have no idea if this would happen.).
And if the Defenders approach is successful with the PIC movie, Paramount will repeat the formula again. Possibly with the Discovery or SNW crews.
And I thought PIC S3 busted the budget.
