Hi Everyone – thank you for your patience. As was commented by someone below, Suphatra is no longer at Microsoft, but rest assured we are working on this feature.
~ AlexSpencer commented
@Suphatra, like everyone else I need this feature but you asked specifically for comments on specific requests.
1. When adding members to the Team, include 'entire Team site' or 'specific channels' option. If 'specific channels' is selected, include a list of channels with none selected by default. On clicking to enable each channel, select applicable permissions level.
2. Alternatively, from the perspective within a channel, include an inheritance option (enabled by default). Once deselected the permissions list appears/expands and includes option to change/remove/add.
3. Permissions should include read, contribute (limited to e.g. adding files only), read+contribute, modify, full-control.
4. If a user is listed as an Owner on the Team, their entry is grayed-out on the granular permissions list (listed as full-control)
5. Include a permissions report for each team (perhaps as a default, built-in Power BI report)
6. Include option to revoke all individual/custom permissions, revert to inherited permissions at parent level.
...and of course, I too would like an idea of the timeline. I can use the SharePoint permissions workaround but its extremely cumbersome and impossible to scale. TYIA