Redesigned Crash Bandicoot Spotted In Vicarious Visions Studio Photo

A photo posted on Vicarious Vision's official facebook page of the studio's third annual Game Jam has a poster on the wall that appears to feature a redesigned Crash Bandicoot.
Facebook commenters on the photo pointed out Crash immediately, and NeoGAF user TimmiTposted the image on the message boards. This could be a redesigned Crash for a new game, but it's also possible that the Sony's former mascot could be making a cameo in Skylanders, a series Vicarious Visions has helped port to assorted consoles. It could also be a past version of Crash Bandicoot that I simply don't recognize.
What do you think it is?

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