Just an FYI, when I was on twitter years ago, I followed one of the writers of Men in Black, Ed Solomon. (He was half of the duo that created Bill & Ted.)
He was still recieving notices from Sony that he wouldn’t get any residual cheques from the original release of the first MiB because technically, it was still in the red.
From a franchise that was three films in, an animated series, merch and at that point, I think MiB International was in development.
Honestly just soft reboot it. New actors and a “smaller” story. Don’t have the MIB be this giant awesome organization with all the bells and whistles just to fall over at a stiff breeze.