So if Cannon goes there, that leaves his old portfolio open, along with Monty’s, Fortier’s, and Hearn’s. I’m also going to guess that Gordon O’Connor and Canada’s next top comic Gerry Ritz get shown the door. Josee Verner is likely done in culture, given that that portfolio cost Harper his majority. I'm not sure that anyone else needs to be moved but a few others certainly will be, in order to fill the empty positions.
As for new blood? Well, given where they’re from, and given the lack of women in high profile Cabinet positions, you have to figure Nunavut’s Leona Aglukkaq and PEI’s Gail Shea are locks. Lisa Raitt and Lois Brown probably stand good chances as well since Harper will want to reward Ontario – of course, you have to figure 905 victors Peter Kent and Bob Dechert are also on that short list. My gut says that the Ontario women have the inside track - bringing four new female MPs into Cabinet might be a more tangible way to win over women voters than, say, this.
And, with Fortier gone, Harper will need to find another Quebecer. Maxime Bernier anyone?
For more in depth speculation, David Akin has a run down here. And be sure to scan Hacks & Wonks for a series of posts on the subject.