So after a few posts I realised that this is probably the best way to go about itemization.
Epics do not feel epic anymore. And since we cannot take them away because at the end of the day that would make a lot of the playerbase leave if purples are replaced with blues, I came up with the idea of giving the next expansion's (new) raiding tier an upgrade.
I am talking about a purely aesthetic change: give that epic feel back, call the gear mythic. Give it a red label. So when you truly get an item of this value, you feel rewarded. It will not in any way take anything away from the current player base.
It is a minor change that will not affect gameplay whatsoever - but will give hardcore raiders an edge in terms of item-satisfaction. Remove the Heroic/mythic green text label. Since with the war/thunderforged we are getting a bit too many labels and actually make a small purely aesthetic revamp - to truly give the hardcore base a feel for the items they are getting.
INB4 Special Snowflake; INB4 Elitist
TL;DR: Mythic content red label proposal