There’s probably a bunch of legal mumbo jumbo they’d have to sort out with getting the rights. But if they did do it, they’d have a hit. The show has a passionate fanbase, including all the people who actually worked on the show, who would no doubt jump at the chance to do it again. Everyone (except stupid ABC execs) who had anything to do with making and/or watching the show wants more of it. It’s a no-lose situation for Netflix if they were inspired to make more Galavant, they’d have a successful show for years to come.