Here's a reminder Phil signed several new games just before E3 2017 that we may be seeing this E3 or by E3 next year.
If Microsoft approached Ninja Theory around that time, that's a pretty good reason to be optimistic. If Phil was given a little more leeway in terms of spending around that time, I am willing to bet he looked at prospective third-party partners for exclusives for the launch of next generation (not knowing if acquiring studios would work or was feasible).