We might have a more modern architecture compared to the Navi cards soon to be released, but don't expect it to be more powerful than the RX 5700 cards, specially if their power consumption is confirmed to match their thermal specs. I would expect something more in the 7 - 8 TF range. Unless these consoles are heavily subsidized or/and $500.
I think it will save to say PS5 and Xbox Scarlet will be around 499 USD due to inflation alone. And all price already expensive, and even mainstream GPU price is now above 399 USD (back then it was around 250 to 300 USD). So if PS5 and Scarlet targeted at 399, PS5 and Xbox could ended underpowered and less jump in performance compared to 7th gen transition to 8th gen, PS5 and Xbox need to at least targeted price around 499 USD.