In most likely scenario age limit won’t be reduced. Few reasons to support that hypothesis:
Commission can’t take this decision alone. They have to get the approval from government. Right now government is facing too much heat on unemployment issue. They will not take risk of reducing age limit and depriving opportunity to this section, which is in significant proportion. For government it is easy to just maintain the status quo.
State election is due in 2022, any change which is implemented in coming years will have direct impact on voting pattern. Not even students their families will also vote against this decision
Age reduction by X years: Least Chances
Although it is not politically feasible, but lets say they reduce the age limit by X years. Even then each segment, which misses out from current scheme of things will get at-least 2 compensatory attempts on the lines of UPSC.
Same BJP govt, faced lots of issues in 2014 when similar changes were made in UPSC. Finally they agreed on compensatory attempts. So they will not repeat same mistake again. In case they go ahead with changes, they will definitely give at-least 2 compensatory attempts.
In nutshell, if you are serious about clearing PCS exam, don’t pay head to these news, everyone is safe for at-least 2 attempts. Don’t waste time on these diversions. Channelize your energy towards PCS 2020 preparation.