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S Tier

Blizzard

The Coalition 

Bethesda

Playground games

A tier (some of these could become S tier in the future)

iD Software

Arkane

Obsidian

Ninja Theory

Treyarch

Infinity Ward

B Tier

Double Fine

Toys for Bob

Inexile

Machine Games

Tango Gameworks

Beenox

Turn 10

C Tier

Undead Labs

Radical Entertainment

Mojang

Rare

Compulsion Games

The Initative 

Worlds Edge

Zenimax Online

Raven software

High Moon Studios

D tier

Alpha Dog

Sledgehammer

Roundhouse

Demonware

King

343 Industries

I probably left out some studios but I think I listed all the relevant ones. I'd probably say anything B tier and higher are the good to great studios while the C tier is largely studios who have either produced very little in recent times or are newly formed and haven't released anything.