I'm cutting the original storyline of Five Nights at Freddy's off at the third game and removing Afton's weird implied Pamela-Voorhees-meets-Gendo-Ikari motivation for his murders; he kills for a feeling of power and punishment. As much as I like the sci-fi elements, they utterly ruin his character. I'd also remove 3's cutscene of him coming back: he's dead, and he stays dead.
However, I do believe there would be room for sequels after that. I think it could be neat to have games skipping straight to the Vanny story and making her an actual developed villain as well as a real copycat killer, perhaps even starting a small cult of sorts around the Fazbear brand and Afton's legacy.