Another Punisher film will not be made.
It's not the fault of the character (beyond the obvious reason that the character isn't real)
There are no "bad" characters. Only bad writers/creators who lack creativity.
Look at Bryan Singer. Not a bad creator. Nor is Superman a bad character. But Singer was wrong for Superman.
And all of these folks who've worked behind the camera have been wrong for Frank Castle. The actors who've played Frank have never been the problem.
The Punisher's gone as a film property. There are two realistic options in my mind, and then these are only a few years out from now, if at all:
1-an HBO series starring Richard Burgi (Sentinel, Firefly, Saw III) as Frank Castle. A hardcore, intensely violent series based on the MAX series. Or on some of Chuck Dixon's stuff. But no campy villains or outrageous storylines.
2-a fan-film made by fans who have the coin and connections to talent to put together something of the quality of a lot of the Star Trek fan films that are out there. Granted, those have mostly terrible acting, but they've managed to succeed to the point where folks who worked on original Trek are coming in to perform and help out creatively. Maybe some fans put together a script and get the blessing of Garth Ennis or some such, and a fan made film shows Marvel that The Punisher works when done correctly.
Sadly, the best Punisher we've had will not touch the character again. Hopefully, Ray will move on and do well, as he's extremely talented and could be a superstar.
For those of us who love this character, we just have to accept that Hollywood can't/won't get it right. At least not now.