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I think it would have a Tegra K1, 2gb or 3gb of RAM, 16gb of storage expandable up to 64 gb with Micro SD, and the Ouya skin over Android 4.4.2. It would go for for the same price tag of $100 and would come with a controller with improved triggers and shoulder buttons that can be bought separately for $50.

But the Ouya 2 will never happen.