I feel there are two possible ways the new iPad naming could go:
#1. A new smaller iPad is called the “iPad Air”, the old iPad name stays the same.
#2. The new smaller iPad is called “The New iPad” much like the iPad 3 was when it was new. Then all old iPads will be “iPad Classic” and anything Retina is “iPad Pro”.
Bonus #3. The other super obvious name for a shrunken Apple product is to append “nano” to the end of it but I think that is the least likely route.
I would suggest Apple go with option #2 because there is so much name recycling involved in that scenario that it certifies the new smaller iPad for EPEAT Gold right out of the gate, glued battery and all.