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Both Activision and EA need to exploit existing properties (yeah, I'm sorry I said that too) and mix in need IPs too.
Most franchises will 'get old' after a while and need to be replaced so 1 or 2 new IPs (of which half to 3/4 will fail) are needed to counter the old IPs that need to be retired.

Guitar Hero is starting to show signs of age - only selling strong on Wii now. And I wonder how long the mighty CoD franchise can continue if they keep doing it yearly.

The other alternative is to only release a new game for each IP every 2-3 years instead of yearly - which burns it out faster.