I actually have been thinking the same, that the 7D mk II would likely fill the hole left by the 1D MK IV. Those things sold really well (considering all around...)... I bet we will pay more for it, but get more for it. Expect the 70D to bounce up a bit.
A key example of this: The T4i. A seriously roided out rebel. Expect big things next year!
Seems to make the most sense to me, the 7D2 aiming at a higher end market and the 70D aiming for the 7D's current market.
It would make the most of the ASPC situation for Canon aswell, as a general purpose body a 1.6 rather than 1.5 crop is always going to make it difficult for them to compete on IQ but for an action/wildlife/sports specific body the extra range is a clear advanatge.