I wouldn't say it's impossible, but if the gen is anything to go buy, it'll end too abruptly for MS to be able to reclaim the American audience in time for a rematch... 

MS has several intriguing options for revisions and new consoles right now.

There are 3 reasonable options for a slim.
1. Die shrink with no changes and price drop to $249
2. Die shrink, turn on additional 2 CU, upgrade to faster DDR4 memory, and up the upclock 2.1 Ghz
a. This should be more than sufficient to have a slight performance edge on PS4 and have support a consistent 1080P at $279
3. Update GPU to Polaris 11 (20 CU), keep esRAM, 2.1 GHz system clock, and switch to GDDR5x at 320 GB/s
a. This would be substantially better than the PS4, capable of 1080p60 and 1440p30, $299
All of the slims should have a flash-based, digital only version for $50 cheaper

For XB2 there are lots of options, some of which depend on which version of the slim they use.
If they select 1 above, then it may be prudent to offer a Polaris 10 this year. If they go with 2, then they could offer a Polaris 10 or wait. If they go with 3, then they should likely wait for Vega and HBM2.
1. Polaris 10 at $399 this fall
a. 36 CU, 8GB GDDR5x at 320 GB/s, possibly esram if needed, 12-16 2.1 GHz jaguar, System clock at 1050 / 2100
i. Performance equivalent to 3.7 TF (36 CU at 800) X 1050 mhz / 800 mhz X 1.4 increase in IPS = ~ 6.7 TF (4.9) equivalents of existing console performance
ii. Maybe something like 12 jags for games and 4 jags plus 4 GB lpDDR4 for system
iii. 4K capable
2. Polaris 10 at $499 this fall
a. Same as above but up memory to 12GB @ 480 GB/s, up CU to 54, zen cores, ~ 10 TF equivalent
b. Crush 4K at 60 FPS
3. Wait for Vega next fall at $499
a. 16 GB HBM2, 72 CU, Zen, 12 TF actual, 16 TF GCN 1.1 equivalents

MS can do nothing to change the outcome of this generation.

The only way to disrupt is to start a new gen early.

A thing MS already tried with the transition from the original XB to XB360. It didn't work. OTOH, despite totally wasting its head start and ending its gen at the last place, XB360 was able to eventually gather nice fruits from the unusual lenghth of its own gen, with high HW sales and very high attach rate and SW sales for a last ranking console, no other last ranking one ever sold as much, currently. This should have taught MS a thing or two.

They can fuse this and next gen together and take the next one... 

They didn't release the X360 early. The GC was already dying and the PS2 was outdated. They were starting early, but that was well into the seventh generation... 

And second place if you count the Wii fad. The X360 was ahead of the PS3 when the Wii U was revealed. 

Wii fad is quite a funny way to define Wii, considering that even having stopped selling earlier, neither PS3 nor XB360 managed to reach its sales. Also, it died early for Ninty's fault, it still was the best selling console when Ninty started clumsily killing its sales far too early before Wii U launch.
And when Wii U launched, XB360 was still outselling PS3 by little more than 2M LTD, having lost 60% of its initial lead, and it lost it all during the following years, and it's also going to lose the lead in boxed games sales, although it will probably keep forever the lead in 7th gen dgital sales.
If you want to claim that they fixed their early mistakes in an excellent way, I can agree at 100%, but this cannot cancel the fact that they almost completely wasted XB360 early launch. And that early launch actually was rushed, MS was forced to cut original XB production before it reached its full potential sales because NVidia outsmarted it with a one-sided contract for the GPU and it was making it bleed money.

The proof that they launched the Xbox 360 Early, is the  Failure rate % that the console had, was Too high in the beggining, i think that you had more chances to purchase a Broken Xbox360, than a good one, i think that is not $ Healthy for Microsoft, or for the Video Game Industrie, if they Rush something in those state again.

PS3, out-sold Xbox 360, when GTA V launched, you need to compare sales when the Next Gen consoles from each one that we are comparing, launched, and PS3, took the Edge  in the last months of the PS3, and Xbox 360, the Xbox 360, also had 1 Year head start, 1 Year more in the market, if the 2 launched in the same year, the PS3, would have Sold more sooner than later.

The RROD wasn't really MS' fault.  Blame the EU for mandating lead-free solder and the solder companies screwing the pooch on the replacements.  PS3 had the same problem with the YLOD