WWE is not introducing a Legends Title, despite a report earlier by belt maker Belt Fan Dan on Twitter. It also looks like there are no plans to revive the Hardcore Championship.
However, according to the Wrestling Observer website, the new title will have a 24/7 rule in place similar to the Hardcore Title so it can be defended at any time on the spot.
The belief backstage at Raw is that it will be called the Wild Card title and it will be recognized across all brands.
When the Wild Card Title idea was brought up to Vince McMahon, it was said that he loved it so it was approved. Mick Foley will be the person introducing the new title tonight on Monday Night Raw.