The phrase "to reinvent the franchise" means to make significant changes or improvements to a well-established series or business in order to make it fresh, exciting, and more successful. Full definition
We are honored and excited by the opportunity to reinvent the franchise for today's connected audience. (thatvideogameblog.com)
The X series itself is best known for reinventing the franchise with a more mature story and expanded gameplay elements, such as scaling walls and dashing along the ground. (nintendowire.com)
The only differences being this time, it's being outsourced to a developer, and the last few games didn't reinvent the franchise in the same way Battlefield 2 and Bad Company 2 did. (cogconnected.com)