For the last time, Lelouch did die as the director himself and post-R2 notes have mentioned time and time again, but people are just in such an excessive state of denial to accept that fact. Though I can't completely blame since R2 was such a trainwreck of a show that it became almost synonymous to the concept of jumping the shark. There was just too many sacrifices in quality, to the point that Sunrise emphasized on merchandising and market shift to a younger market, as opposed to the darker, plot-oriented season 1. Anyway, the problem with initiating Ragnarok is that its impossible since Lelouch commanded the collective consciousness to stay constant. That and everyone would lose their independent will ala-instrumentality if that were to happen making the story and character literally stagnant.
Well there is a new Code Geass project coming next year, but its a prequel to Code Geass set during the Edo period, and the only character from the original show is C.C.