Yeah, you're probably right about single-player content. But the first numbers indicate, that F2P can go in the 100M-area in the future. We will have to wait and see if it is stuck at these number or the subscriptions increase with future games.

There is also the fact that games like League of Legends have a draw beyond that of most payed games. It has most of the same factors that makes games like Call of Duty so popular, with it's multiplayer design. And the Free 2 Play system of constant content updates keeps players engaged far longer than any games except for Blizzard games and MMOs. It also has none of the things that scare off people from piracy and those that aren't willing to spend money on games. And then you have the generally increasing population meaning as time goes on the potential playerbase is growing all the time. Also keep in mind that many people have multiple accounts on F2P games, I know people that have 3+ LoL accounts as they make smurf accounts so they can vs noobs.

All of which means that F2P player numbers will likely be far larger than piracy, so if the 95% piracy numbers are acurate we would actually expect even higher numbers for F2P games. 

http://voices.yahoo.com/call-duty-black-ops-most-pirated-game-2010-loses-7496366.html

"Assuming 20 million copies sold at that price, this means the game has earned nearly $1 billion. TorrentFreak estimates that over 4.2 million copies of the game have been illegally downloaded (as of December 26th, 2010). Using the same $49.99 price point, that's over $200 million in lost revenue for Activision (and Square Enix, who publish the title in Japan).

According to TorrentFreak's data, several other games have been pirated a million times or more this year. Call of Duty:Black Ops' closest competitor was the PC version of fellow war game Battlefield: Bad Company 2, which was released back in March of 2010. Sequels Mafia 2, Mass Effect 2, and Starcraft II rounded out the list of the top 5 most pirated PC games of the year. Though PC games are more commonly distributed via illegal downloads, other platforms are still affected. Super Mario Galaxy 2 was the most pirated Wii game this year, with nearly 1.5 million illegal downloads as of December 26th, 2010. Dante's Inferno took the top spot for Xbox 360, with over 1.2 million downloads. Call of Duty: Black Ops also appeared as the 5th most pirated Xbox 360 game for the year, with 930,000 downloads. Considering the Xbox 360 and PC versions come at the same $49.99 retail price, that's another $46 million in game sales lost."

Only torrent. Just one site... the piracy is way bigger than that.

I believe.

The number is way bigger than 1.5 million... for PC emulation or pirated Wii use.

Well they do F2P for single player like how they did Arkham City but with more online passes.

They could lock out the side quests/side content and different characters with those passes.