I've heard the 'Zelda spin off' rumor as well, but a Zelda FPS? (Link's Crossbow Training is probably the closest you'll ever get.)
Let's face some facts, the studio's strength lies in the first person adventure/action genre. It would be kind of crazy to go down another path at this point, especially since they have a very capable engine for those kind of games.
Numbers are like people. Torture them enough and you can get them to say anything you want.
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