Okay, so Geras being TER means that the other codenames CET and KOL could still represent new characters. Geras' working name could have been "Terra", similar to how the working name of MKX characters like D'Vorah was actually "Lady Bug" or Cassie being "Cage Jr." or whatever. The codenames may not represent their real names, but it could still be pointing towards those being new characters.
This does mean that will only be getting 3 new characters this time around instead of 4 like we thought -- those numbers are including Geras, of course.
Because of this, it COULD mean that we are getting one more character since a place we thought was taken really isn't. My bet would be Shang Tsung because there is a lot of stuff pointing towards him being in the game.
But, before all this, we had counted 26 characters between confirmed, soft-confirmed, and leaked characters. We know there is only 25 slots on the menu right now. While Geras not taking an extra space could equal another character, it's possible that this just means that will be getting one less character than we thought and that's it.
While I kinda doubt that, I think it's good to set expectations. I'm prepared that the roster will only have 25 characters including Shao Kahn. If it's 26 or more, then that will be a surprise to me.
EDIT: More on my first point. I've seen some people saying that since Geras was using a codename that didn't represent his real one, that codenames like FRO may not actually represent Frost. My point is that I doubt that. Chances are Geras was called TER simply because his original name was Terra or something similar. Example: If D'Vorah's original name was a codename, it would be LAD because her name used to be Lady Bug. Codenames TER, CET, and KOL, may not represent the actual names of the characters but I think they still represent new characters. No hidden Fujin or anything like that.
