Call of Duty will be multiplatform until 2023 according to Jason Schreier, which includes two mainline entries, and free to play Warzone 2.
It will be difficult to replace COD but a lot can change in a couple of years especially in the multiplayer landscape. I think the impact of the series going F2P is unforeseen, it could take away unit sales from mainline entries, and might even shift how the majority play the game. An exclusive Call of Duty in 2024 will be huge for GamePass, but the damage it could've done to the PS5 is not as disruptive as projected, since Sony will be able to meet demand without any supply issues well before late 2024, making it unlikely many will switch ecosystems by that point in time. This is also not considering Microsoft moving away from annual COD releases.
Not an ideal situation for Sony to be in, and while its looking like more of a PS6 problem, its still a massive problem they will have to deal with. That being said, having another generation to grow current & new IP, having a pipeline filled with multiplayer projects from industry veterans ready to fill the gap left by COD, plus whatever strategic acquisitions Sony make along the way, this long term "buffer" is pivotal to the Playstation brand. Honestly, it might be the reason Sony maintains their market position going forward, despite Microsoft throwing tens of billions of dollars for content/IP.
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