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I think Homura had the right idea, since the Law of Cycles basically just puts girls into comas, but since her new world doesn't seem to have magical girls it can't really be used as a setting.
Wraiths are the things that replaced witches after Madoka made her wish - the giant white beings seen at the end of the tv show.
Wraith timeline is the world after Madoka makes her wish, so magical girls don't turn into witches, and instead hunt wraiths for grief cubes. Keeps the combat element present while letting magical girls live longer.
For time period probably either the same year as the anime if we want to include those characters, or modern day.