[Suggestion] A Major Content Update Should Lead To A New Game, PS2 Is Dying!

Those are only speculative potential options. They are not necessarily mutually exclusive, or necessarily unable to be run in parallel (either adjacent, overlapping, and/or segregated). And those aren't the only potential options.

The best solution building process does not start with hard fixed end state givens (unless it's a desired end state). It starts with defining what ends state goals/traits are desired, what ones are undesired, and then assigning those value ranks. Then you look at what you have and what resources you have to work with, and you figure out what's doable and what's "if it goes smoothly" (it = Dev process, funding, time, playscape paradigms, etc.) bonus doable and what "if it goes poorly" limited doable.

I'm not deeply versed in the FPS field. You'll have to break some of that down for me so I can come at this with proper smarts. NOTE: that's what I do when I hit a field outside or at the limits of my range: I try to harness people(s) in the know to flesh it out or tackle it.

In what ways is PS2 attempting or accomplishing emulating streamlined arena shooters?

What unique traits are you identifying that PS2 should go after?

I need to define what ends state goals/traits are desired, what ones are undesired. Then I need to assign those value ranks.

You can chase all manner of conclusions why they players are leaving. Or chase all manner or hopeful solutions on how you can stop or reverse that. Your best bet is to step away from bias and just start collecting data/info in order to help define the actual stature of it.

Who has their demo been over time. What demos have left at different times. What demos have joined at different times. What events or traits have happened at different times. Etc.