Honestly, i hate when shows do the "i am actually the strongest trainer, i just didn't want to partake on that world tournament", it just feels redundant and a complete asspull. But i guess that is the more likely route, since it's the easiest to write. I can see Paldea's champion beating Leon off-screen and then having Ash chase after them.
For me, i'd rather they focused more on an actual plot/storyline with heavy lore and interesting villains, than another tournament. There are also things we still haven't seen in the series like Ash meeting his father or actually beating Giovanni. Maybe Ash finally aging a little, ffs. I know it sounds crazy but what would be consider completely normal in other series, it's basically fanfic territory in this show.
Anyway, tho unlikely, i wouldn't be opposed to them heavily incorporating time travel/world hopping so we could see a glimpse into the characters' potential future (like they did with YW) or meet the original protagonists from other media as they'd be formidable opponents. It would make sense since SV seems to incorporate time travel on it's plot (and the multiverse has been estabilished long ago, but barely explored on the anime).