There have been a couple topics of suggestions for Divinity 3, with some debate whether it should be the Divine One, the Divinity 2 dragon knight or a new character set to take on Damian. Personally, I also think it should be a new dragon knight, or at least a new character (there need to be more RPGs continuing the Dragon Knight concept, in any case). It is easier to balance and structure a story with a new character than to reset the Divine One's powers or bring in a game's worth of opponents that could be a challenge to him (same for the Dragon Knight, to a lesser extent).
I think the dragon slayers would be disbanded, or re-organized and renamed, almost immediately after Divinity 2. There is only 1 dragon knight left to go after, who is then a hero everyone is grateful to, who also rescued the Divine One and disproved the lie that formed the slayers in the first place.
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