I think Apple will do three things:
1. Introduce non-retina mini with A6 starting at $299.
2. Introduce retina mini with A7X starting at $399.
3. Introduce iPad 5 with Touch ID and A7X for $499.
The retina iPad mini will not replace the current mini. I learnt my lesson with the 5C, Apple does NOT do cheap.
I reckon the mini will go the 5c route, old hardware with a new gimmick. My prediction is the new mini will have iPad4 guts, and a retina with the same res as ipad 4, just shrunk, this will be the gimmick.
Ipad 5 will be A7x and touch ID, new shape.