Looking at which Sony studios will soon release PS5 games, you can easy to cross out:
Bend Studio, Media Molecule, Naughty Dog, Santa Monica, Sucker Punch.
So they stay:
- Guerrilla Games (Horizon 2)
- Insomniac Games (maybe a new Ratchet?)
- Japan Studio (Knack 3, Gravity Rush 3 or new IP)
- Polyphony Digital (GT7)
Naughty Dog are working on their MP game (which broke off from TLoU2).
San Diego will have MLB wthin the first 6 months of PS5.
London Studios I think is a wild card. Possible but probably not.
And of course Japan Studios, San Mateo and XDeV all work with external partners for exclusive games.
How would that be possible given their last title LBP 3 released in 2014?
Well Tearaway in 2015 but I get what you mean.
Contractual agreements with Sony based on activity progress and milestones.
The selling of, and royalties from, their games, and DLC.