Microsoft is actually rumored to have 2 more shows. One in August, which is apparently focused more so on hardware and services than games, where they are expected to announce Series S/Lockhart, and release date and pricing info for both consoles, as well announce what is going on with Xbox Live Gold (lots of rumors they are dropping it soon in favor of either online play as part of Gamepass, or free online play). However, it's doubtful we will see any new games there, since it's hardware and services focused, if they show any games will probably be new trailers or gameplay demos for games from the July show. The 2nd show is rumored for November, and was teased by Microsoft at the 53:48 mark in their July show, when Matt Booty said "Now, you may have noticed we didn't get to visit all of our Xbox Game Studios today. That means we'll have more to share later this year", which seems to imply that the remaining 6 XGS studios that weren't on the July show will have announcements on a second show later this year. It's also likely that a second show could have gameplay trailers or demos for some of the games that didn't have gameplay on the July show, as well as more Xbox Global Publishing announcements, since XGP only announced a single game on the July show, but are known to have many more in development. 

As for Sony, it's rumored that they have a State of Play coming in August where they will announce several more games and reveal pricing and release date info for PS5.

The reasoning behind making it free vs locking it behind Gamepass would be that Gamepass costs twice as much as both Xbox Live Gold and Playstation Plus, they'd be putting themselves at a pricing disadvantage against Sony next gen, unless they start offering multi-month discounts on Gamepass like they always have on Gold. Also, online play for Xbox games on PC is free, even though those games are using the same servers as the Xbox versions, which is unfair to the console owners. So while they would be losing alot of Gold revenue by making online free, they would be giving themselves a major advantage over Sony next-gen in the form of free online play, and they could also put the money they were spending on 4 Games with Gold each month towards adding more games to Gamepass each month instead, boosting the value of Gamepass which would in turn boost Gamepass subscriber counts.

Good thing Xbox is in an entirely different position with drastically different goals than they were in those past generations. I’m going to own both consoles eventually, it makes complete sense to go with the stronger launch window.

Some months they are trash, but other months they have good games on GWG. For instance, just in the last 12 months, GWG has had games like Tekken 6, Jurassic World Evolution, both seasons of Telltale's Batman, 2 Shantae games, Call of Cthulhu, Ninja Gaiden 3, Sonic Generations, and Saints Row 2.

Proof? Not really. Some insiders been hinting at free MP, some have been hinting at Gamepass MP. We'll just have to wait and see which they will go with, free MP for the Mic drop moment on their August show and increased long term revenue, or Gamepass MP for the increased short term revenue. Either way, Gold seems to be dying, that is why Microsoft dropped 12 months subscriptions recently. 

Microsoft is actually rumored to have 2 more shows. One in August, which is apparently focused more so on hardware and services than games, where they are expected to announce Series S/Lockhart, and release date and pricing info for both consoles, as well announce what is going on with Xbox Live Gold (lots of rumors they are dropping it soon in favor of either online play as part of Gamepass, or free online play). However, it's doubtful we will see any new games there, since it's hardware and services focused, if they show any games will probably be new trailers or gameplay demos for games from the July show. The 2nd show is rumored for November, and was teased by Microsoft at the 53:48 mark in their July show, when Matt Booty said "Now, you may have noticed we didn't get to visit all of our Xbox Game Studios today. That means we'll have more to share later this year", which seems to imply that the remaining 6 XGS studios that weren't on the July show will have announcements on a second show later this year. It's also likely that a second show could have gameplay trailers or demos for some of the games that didn't have gameplay on the July show, as well as more Xbox Global Publishing announcements, since XGP only announced a single game on the July show, but are known to have many more in development. 

As for Sony, it's rumored that they have a State of Play coming in August where they will announce several more games and reveal pricing and release date info for PS5.

Well, let's look at the 6 studios that Microsoft didn't have on the July show and what Booty might have been teasing in regards to them:

• inXile- I'm really not sure what they might announce later this year. It's rumored their next game is a huge AAA RPG with a budget higher than either Fable reboot or Avowed, that won't release until 2024 or 2025, because they have to expand the studio just to have enough devs to make it. I would be shocked if MS showed a CGI teaser for a game that won't release for 4 or 5 more years. However, they are releasing Wasteland 3 next month, so maybe Booty was teasing a DLC announcement for Wasteland 3 at the second show.
• The Initiative- They've been working on a AAA game since 2018. It's rumored that they may actually be an incubation team, which is why they are so small, people at the Initiative lead development on a game, while another studio does the development grunt work. Rumor is they might actually have 2 AAA games in development, both co-developed with another studio, supposedly The Coalition is co-developing the one that has been in development since 2018 with them. I could see Microsoft announcing this game with a CGI trailer, or possibly an early pre-alpha in-engine trailer.
• The Coalition- If the rumors of them co-developing with The Initiative are true, MS could knock out 2 birds with one stone by announcing that game. It's also possible that Microsoft will show a more in-depth look at the Series X enhancements for Gears 5, since they only showed a few seconds of them on the July show.
• Mojang- Mojang actually recently announced that they have multiple teams and studios working on multiple games at once. So while the main team will continue to update Minecraft, and another continues to update Minecraft Dungeons, one of the other teams/studios could announce a new game. It's also possible that Microsoft could announce that they are reviving the cancelled Minecraft Super Duper graphics update for Series X/PC only.
• Compulsion- They are supposedly early development on their next game, a new IP. Microsoft could announce it with a CGI trailer like they did with Fable and Avowed. Another possibility would be a Series X port of We Happy Few, with improved graphics, all the DLC packs, and other improvements to the gameplay and such.
• World's Edge- They are co-developing Age of Empires 4 with Relic currently. Microsoft could show a new trailer or demo for AoE 4, and maybe announce a console port for it.

Microsoft also should have more 2nd party/Xbox Global Publishing announcements incoming, because they only announced 1 on the July show, and we know from an earlier interview that they have many more in development, including whatever game Ken Lobb has been the creative director on for the last 4 years (some rumors he might be creative director on a Perfect Dark reboot developed by a 2nd party studio).

As for Sony, I think they will probably announce God of War 5 with either a CGI trailer or an early in-engine trailer, and there are also rumors that they held back some 2nd party games and some 3rd party moneyhats. 

Interesting, I feel the opposite. Give me a good SP to play for a week then I'll move to the next. GoW was good. BB not so much, there wasn't a boss in the first area so I quit and went to play GTA5, never went back to it. It's better than buying DLC for 3 years until the next big MP game.