You guys are still thinking about this the old way ie build it, ship it retail, put a 60 dollars price tag on it. This is Activision entering the games as a service era. Away from the CoD every year at 60 dollars and into the continuous life of a single large gaming platform. Essentially taking what they do best (shooters) with what Blizzard does best (online gaming and services).
CoD has a yearly 200 million+ dollar budget (production + marketing). If they want to replace that franchise (and honestly, they've every reason to fear that franchise dying over the next few years), why not spend 500 million on a single game that's going to last them 5 times as long as any CoD?