Cutting to the short of it: "The Avengers Project" is Avengers: Ultimate Alliance. But it's not just Ultimate Alliance 3, it's a full reboot with the name on it (think something like the new God of War, minus the story continuity: similar name, totally new gameplay/story structure). That's the reason why the tagline of the first teaser was "Reassemble", to hint at it being a reboot. This is also why the previous Ultimate Alliance games got uprezed recently for current-gen.
The game takes place from the perspective of multiple Avengers after a cataclysmic incident broke the team apart (think more Dissassembled than Civil War), but there are 3 which are the core focus: Captain America, Iron Man, and Scarlet Witch (who you heard in the trailer). They aren't the ONLY playable characters, but they are the leads of the story. Gameplay wise think a mix between Uncharted and Infamous.
It'll also have connections putting it in both the same world as the PS4 Spider-Man game (that Sanctum Sanctorum appearance in still images was not just for fun), as well as Eidos Montreal's Guardians of the Galaxy. Marvel Games wants in on that shared universe idea that have made the films literal billions of dollars.
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