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It has been over 4 years since the last Saints Row game, Gat out of Hell. Agents of Mayhem was developed primarily by a B-team of new hires at Volition, the team that made Saints Row 4 and Gat out of Hell has presumably been hard at work on the next Saints Row since early 2015. So yeah, the game should be mostly done now, good time to announce it. I suspect it will be a cross-gen game on a new engine since it has been in development so long now.