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Given that I recently started playing "Might and Magic III," I would be interested in coming up with a way to connect my favorite "Heroes of Might and Magic V" with Might and Magic III. As I understand it, some of the factions from Enroth, the world of the third game, traveled through portals to Axeoth. This means that we need to connect the third and fifth games. I liked your theory about the world transforming into Ashan, but I have a note: Ashan is not a kingdom, but an entire world! Which, quite possibly, arose from the ruins of Enroth. As I understand it, the races have forgotten their origins, and the world has come under the protection of dragon gods. Some races perished, and others underwent changes, and, forgetting history, they created new states for themselves. Gradually developing, they once again faced the problem of demons. But their new leader, Kha-Beleth, was imprisoned. And from there, the story continues according to the history of Ashan.
It all looks quite logical, and I saw in another thread that you started creating Campaigns to connect these worlds. But I would still like to see a complete version of the story. And one more thing: the story cannot be considered official until Ubisoft recognizes it. And they are unlikely to even know about such an attempt. So, I'm afraid that all your efforts will be in vain. Unless, you can create a story for the users of the Heroes World forum. It is quite possible that the plot of the next parts will not contain a random refutation of your theory.