News of the Times: Mississippi’s Lieutenant Governor Delbert Hosemann says:
I, like the majority of Mississippians, am open to changing our current flag.
In my mind, our flag should bear the Seal of the Great State of Mississippi and state “In God We Trust.” I am open to bringing all citizens together to determine a banner for our future.
An illustration accompanying the article shows what such a flag might look like:

Mississippi Business Journal.
But we feel compelled to state that this is not a good design! A seal does not make for a good flag. This isn’t quite a SOAB (“seal on a bedsheet”), as so many state flags are – Mr. Hosemann has retained the tricolor background of the current Mississippi flag (although note that Missouri also has such a flag). But a seal is detailed and intricate and belongs on official documents or on the wall behind the governor as he takes questions from reporters, not on a flag, which should be “so simple that a child can draw it from memory.” On that front, the Stennis flag has this flag beaten hands down.
UPDATE (7/22): This is in fact Mississippi’s Bicentennial Flag, used in the celebrations in 2017 and in some instances as a de facto placeholder with the retirement of the most recent Mississippi flag on June 30.

Wikipedia.
Apparently the Stennis Flag now has an official status as Mississippi’s “hospitality flag,” and you can get it on a license plate. I reckon that it’s only a matter of time before it becomes Mississippi’s official state flag.

Wikipedia.
I still prefer the Magnolia flag as a design, although it’s probably too Confederate for current taste. It is a version of Mississippi’s secession flag, and was used by the United Daughters of the Confederacy in the nineteenth century. (Georgia might have been able to adopt a version of the first national flag of the CSA in 2003, but I doubt that such a thing could happen today.)

Wikipedia.
It’s a shame that this flag lost a referendum in 2001. It retains the horizontal tricolor of the current flag, but eliminates the Confederate battle flag on the canton for an array of twenty stars (the large central one for Mississippi, the other nineteen for previously admitted states to the Union, as in the Stennis flag).