Stern would be stupid NOT to make Walking Dead as people will sell kidneys to buy it. But I don't think it'll make a good theme. Too dark, very violent, no levity.
Ever notice on any of these 11,000 "Walking Dead next Stern!" topics that nobody has actually said what they think will make this a good game, or speculated on modes / toys?
Maybe there's a farmhouse, and you shoot the ball into it and it stays there for 11 months? Is there a mode where you slice open your mother then shoot her? Video mode could be Glen rocking out of the chair he's handcuffed to stop his girlfriend's rape.
NONE OF THIS SOUNDS FUN!
The only way to make it work (or Breaking Bad pinball) is to make a farce of it. Like a shot that makes Lori shut up. Or pop bumpers that cook meth. Or Mad Men, and your BAC is the score. But the licensor would never allow that.