Top one is yours, bottom is mine.
With the amount of emotes introduced into the game, and the varying scenarios in which emotes are used, I don't believe 5 emote slots suffices. I would like to see the 4 outer spots to be split into cardinal directions (Nw N Ne E SE S Sw W) to allow for 8 spots around the outer ring.
For people that feel 5 spots is enough for them, and 9 is overkill, they could add a slider in the settings that let you pick 1, 5, or 9 emote slots for your preference.
Sorry, my art isn't great, but you get the idea!
If you want to further support the idea, here is the reddit link: