#4 Nothing changes

Of course, The Lake of Reincarnation is a product of Matt Hardy's twisted but excellent imagination, and there is every chance that the WWE will opt to ignore the gimmick of the lake altogether.
While the WWE has seemingly gone all in on the Woken and Broken universe, there are certain elements that they may consider to be too ludicrous for the WWE universe to buy, and this could be one of them.
Wyatt has struggled to get over in recent years, but the company still like to have him sit in the mid-card, as he is a reliable performer whose character allows for him to effectively start a feud off the back of next to nothing.
There is every chance that if this is going to happen, then Wyatt will be kept off TV for a while, or perhaps even moved to SmackDown after WrestleMania, with the company not mentioning The Lake of Reincarnation again.