The day we all knew would eventually come has finally arrived: The CW is developing a reboot of the soapy 1980s drama Dynasty, TVGuide.com has learned.

The reboot, which has the potential to be either the greatest or the worst thing that has ever happened to humanity if it goes to series, is being developed by The O.C.'s Josh Schwartz and Stephanie Savage. The duo previously produced The CW soap Gossip Girl, so it's safe to say they have experience with the melodrama of the 1 percent. Schwartz and Savage are partnering with original Dynasty creators Richard and Esther Shapiro, as well as Revenge's Sallie Patrick for the project.

According to The CW, the potential series would modernize the dramatic feud between two of America's wealthiest families, the Carringtons and the Colbys, and be told from the perspective of Fallon Carrington — the daughter of billionaire Blake Carrington (played by John Forsythe in the original series) — and her soon-to-be stepmother, Cristal (originally portrayed by Linda Evans). In the reboot, Cristal is said to be Hispanic.

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The original Dynasty, which also famously starred Joan Collins, aired on ABC from 1981 until 1989. It was ABC's answer to the popular CBS soap Dallas, which was rebooted by TNT in 2012 only to be canceled after three seasons.

Would you watch a reboot of Dynasty?