Actually Crash was never owned by Naughty Dog or Sony. Universal Interactive (Activision Blizzard) owned the rights to the franchise since day one of development.
Naughty Dog however did create the concept for Crash.
Its all clearly explained here: Crash Mania Article about Publishers and Developers
The same also applies for the Spyro franchise.
Yes I also think it would be good to have another Naughtydog crash game as I think the classic ones will always be a memory and of course what made it popular.
Here is the number of things we haven't seen in the latest games.
1. past enemies like the wizards and skunks it would be good to have some past and some new of course.
2. having bandicoot on the main logo as it's been years since 2001.
3. Classic crash models like from the first games but with ps3 quality graphics.
4. if crash is riding something it has to be in some places not everywhere like titans otherwise a spin off game.
5. crash dancing.
6. beach near crash's house like twinsanity and woc plus crash 3.
7. maybe warp rooms to make a return.
8. crash being chased by something like twinsanity and first games.
9. Some past characters to return and new ones.
10. gems and crystals and relics plus maybe new award with though's.
11. collect wumpa fruit from crates and new crates.
12. plus his past tricks like slide jump and tornado spin with new abilities.
13. Crash's gloves to return
Fingers crossed to see if crash will return with these missing things.
This article about Crash 1 is brilliant, and i think it highlights the fact that crash was tailored to the ps1 hardware. Most importantly his character design is a direct reaction to the ps1's constaints,
"Charles would hand us a sketch and we would start the math: 240 pixel high screen, character 1/6 to 1/4 of the screen height, character 40 to 60 pixels high"
the only analogy i can think of is, sqare peg, round hole. Am I wrong?
Please Naughty Dog, new Crash game for ps4.
Everyone who wants a new game should post here and say why so we can show Naughty Dog which game we want.
Pay the rights back Naughty Dog and make is happy once again