Speaking of The Coalition doing something else, Morgoth whom leaked almost everything accurately about Gears 5 has made a few interesting comments in Gears threads, a few of them being...
"They are working on something else"
If it's Gears related: "Afaik no, but the last time I've talked about that with source was months ago and it looked in the early phase, it could be even be cancelled or put on ice because G5 required more workforce, or modified. But I'm sure there was another project that was not Gears related"
Possibly not a new IP: "As he talked about it, G5 pulled for sure a lot of devs from it, but I don't know how many of them. And he didn't talked about it like a new IP"
I wouldn't get excited yet as it sounds like it could be cancelled or is in an early phase so it'll be years away, I'd be a little disappointed if it wasn't a new IP but I'd still be excited about them becoming a two team studio, The Coalition has great talent and efficiency, I'd be okay with them putting Gears 6 on hold for now with a smaller team, Gears 5 was made in 2.5 years, now with Gears 6 they can take their time as T10 and 343i are doing as we have more studios now, Gears 6 can release in 4-5 years.
I'm wondering if it's Perfect Dark and TC have taken over more of a responsibility on it, I believe it was leaked once before by Klob that TC might be assisting on Perfect Dark and Microsoft has been looking for a studio to create it for years, maybe they thought it best to let an internal studio do it.