The Gemini Planet Imager (GPI) is a high-contrast imaging instrument designed to directly image and characterize exoplanets. GPI is currently undergoing several upgrades to improve performance. In this paper, we discuss the upgrades to the GPI IFS. This primarily focuses on the design and performance improvements of new prisms and filters. This includes an improved high-resolution prism which will provide more evenly dispersed spectra across y, J, H and K-bands. Additionally, we discuss the design and implementation of a new low-resolution mode and prism which allow for imaging of all four bands (y, J, H and K-bands) simultaneously at RR approximate to 10. We explore the possibility of using a multiband filter which would block the light between the four spectral bands. We discuss possible performance improvements from the multiband filter, if implemented. Finally we explore the possibility of making small changes to the optical design to improve the IFS's performance near the edge of the field of view.