Ok so we all know that a third faction has been suggested/demanded/beggedfor already in several different forms. The most notable one would be to use the Hutts as the third faction giving smugglers and bounty hunters a side of there own. One of the main problems with this plan would be the numerous balancing issues that would come up. Trying to give the hutts force using classes to match warriors/knights and inquisitors/consulars would be difficult to say the least not to mention the work needed to create everything needed for the new classes(origin worlds, class stories, etc)
Anyway here's my idea for a third faction.
The order of Revinites has finally decided to step out of the shadows and make their play for power. They join with the remains of malgus's new empire. The leaders of this 'alliance' would be.......wait for it......Revan and Malgus Now using them as the leaders is not necessary at all. Anyone could work as the leader, but revan and malgus would be good poster boys for the new faction since we all know that neither of them are dead
Now here's how this faction would differ from any Ive seen suggested before... It is only implemented post 50....that's right 1-49 this faction doesn't exist.it only comes into play once you have reached fifty. The faction would be made up of anyone who wishes to join it. No new classes would be implemented for this faction. Players who want to join can join regardless of the class or previous faction. So if you're a sith warrior you stay a sith warrior and you fight along side smugglers and Jedi consulars. This would fix most balancing issues for introducing a new faction. All that bioware would need to make for this faction would be a command center(either a fleet or a capital planet), world arc quests for new planets as they come out, and also each class would need an alternate story for them if they decided to join the new faction. Players would be able to switch back to their original faction at anytime they chose to, but it would be much harder/impossible to switch again if they wanted to. The biggest problem with implementing this faction and system that i can see would be that population differences that could arise between factions if say everyone left their original side to go join with revan and malgus. One possible way to fix this would be that if the balance shifted to far in one way then the new faction would stop "recruiting" people and limit the amount of incoming players till things balanced out.
ok so summary
new faction
it will accept players from either side and any class
players from either side can join/leave the faction at anytime
it is only implemented post 50
annnddd that is my idea for a new faction. flame shields are up so suggestions/critiques/objections/trolls are welcome.