AAA has nothing to do with graphics, it is the development process behind a game which involves a lot of time, a lot of money, and a lot of resources. Graphics have much more to do with the hardware level than the development status, this is why AAA games on consoles with lower power aren't as graphically impressive.
Most AAA games have multiple releases per generation: especially sports titles who use each new year as an excuse to release a new GM'd an iteration of the same game they released the previous year. So in reality, while a certain game may have annual releases, the development for the game may have begun 5-10 years ago; they get to a point with the features, then branch it after a beta signoff (or whatever designation they use for a full feature set for the next iteration) and put it through the pipeline all the way to Gold Master while continuing to work on the trunk - which in turn will be branched for next year's release.
Personally, I am not a fan of AAA games as they tend to be conservative in their approach to creativity. You don't get an easy signoff on being original. Some companies like EA actively discourage originality because it isn't a tested commodity, and those high paid executives don't know how to do their job when it comes to something original.
I describe myself as a little dose of toxic masculinity.
