As mentioned in this article, currently, Call of Duty 2025 (20 months from release) does not have an assigned main developer. It's my understanding that it was meant to be SHG, but following on from the 16-month development cycle of MW3, they basically refused and didn't want to…
— Tom Henderson (@_Tom_Henderson_) February 5, 2024
Tom Henderson is saying that CoD 2025 does not currently have a main developer and that Sledgehammer Games basically refused as they didn't want a repeat of MW3.
Infinity Ward are doing 2026, Sledgehammer is doing 2027.
He says he now expects 2025 to fall to Treyarch but honestly they should just have a year off then basically have a 1-year dev cycle CoD.