My hot takes:
1. Gorman should be the next expansion. Cheap, easy, good value for money, which is what Edmonton needs after spending $5b on LRT in the past decade. Lots of expanding residential there. ~$250m probably gets it done with a nice station and park'n'ride. Plus it can help entice people to buy in the NE instead of the SW.
2. Metro Line Castledowns expansion.
@CplKlinger noted that ridership was modeled to be substantial and
@yeggator makes the good point about it accessing the last quadrant of the City. The cost on this is going to be eye watering (does $1b even get you across Walker Yard anymore?) and overall unless there is major federal & provincial dosh, I don't think the City has the finances to proceed with something of this magnitude for a number of years.
3. Probably the expansion past Ellerslie Rd and beyond to EIA. The latter depends on what the GoA does for rail but maybe there could be some synergies there?
4. Grade separate Uni Ave
The other two I don't really care about. 111 ave crossing got a real bad rap off the hop but it's not that bad, and there are a lot of other options for east-west traffic anyway (107, 118, even YHT) and I'm pretty sure the entire Kingsway station would have to be reconfigured, so it's likely to be excessively more expensive than Uni ave. The "demo coliseum and build two stations" is a total vanity project IMO. Demo Coliseum station and bring 118 to grade if they really want to, but I think one station at the City's laydown yard off 80st/117 ave is really all that's needed. Neither of these two are really necessary in any sense and are more "nice-to-have" with money better spent in so, so many places.