They’re not removing cod from PlayStation though. Doing so would essentially kill the franchise. Microsoft know this. Valve understand this, which is why they said they don’t need to sign a contract.
The reality is that Sony went from having cod forever + all other ABK games for 5 years, to just cod.
Infinity ward have a brand new action rpg game coming out, along with a survival game from blizzard. Also 5 years is a long time. They could easily pump out 2 titles per dev team in that time, especially from franchises with recent releases like Tony Hawk, crash bandicoot, Spyro, etc.
We know Sony made the wrong choice here because of the emails Jim Ryan sent. They wanted guaranteed all ABK games in perpetuity. They turned down this exact cod-only deal months ago. Sony signed this deal out of desperation because the ftc failed to protect their market dominance (thankfully and rightly so). It wasn’t a coincidence they signed the deal the day after the ftc lost. They lost all bargaining power so got the bare minimum.