From the sound of things, Bond will have been retired for five years and she will be the new agent 007. Bond will of course be pulled out of retirement and into whatever the movie's adventure is. That's what I would guess.
Barbara Broccoli came out and said a few months ago when asked that Bond would always be a male character and that she didn't feel the need for "stunt casting" in her words.
I'm intrigued about how they will handle a new 007, but I absolutely despise the idea that Blofeld is coming back. That was the worst part of Spectre, followed by Miss Swan and her non-existent chemistry and screen presence. I would have rather they contd with Quantum with a new villain and no surrogate Tracy.