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Think about it, the platform of Teddy Roosevelt's Progressive Party most accurate aligns with the modern Democratic Party

>pro-regulation
>pro-labor union
>pro-social welfare
>pro-women's rights
>ethnic pluralism

More importantly, it doesn't carry any of baggage of the historical Democratic Party such as association with proslavery ideology, Indian Removal, Japanese-American internment, and Jim Crow. Changing the name would allow them to turn over a new leaf and stop Republicans from beating them over the head with their own legacy.

I even came up with a slogan for it, "A New Progressive Party for a New Century".