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I think no entry in two console generations is enough to consider a franchise dormant. No entry in four console generations means its dead.

In addition, if a franchise has been dead I need a fully fledged iteration of the game (sequel, reboot, etc) to consider the franchise active. Otherwise it just goes from dead to dormant. F Zero 99 for example pulled FZero back into dormant territory, but it's still not an active IP just yet.