Our first goal is to see what we can get for "free" right now. Most of the time, people save a PNG which is pretty far from optimally compressed. Then they compare that to another format which is closer to optimal and draw a poor comparison.
You can see this with PNG optimizers like OptiPNG and pngcrush.
So step 1 is to improve libpng. This requires no spec change.
Step 2 is to enable parallel encoding and decoding. We expect this to increase the file size, but aren't sure how much. It might be surprisingly small (a few hundred bytes?). It will be optional.
Step 3 is the major changes like zstd. This would prevent a new PNG from being viewable in old software, so there is a considerably higher bar for adoption. If we find step 1 got us within 1% of zstd, it might not be worth such a major change.
I don't yet know what results we'll find or if all the work will be done in time. So please don't take this as promises or something to expect. I'm just being open and honest about our intentions and goals.