We don't exactly know the terms of the contract Microsoft is giving out. But we learned Call of Duty would be available for PS+ if Sony were to sign.So is MS unequivocally guaranteeing CoD on Playstation for 10-years, or is MS offering a 10-year contract to Sony to have CoD be released for 10-years on Playstation? The first happens regardless of what Sony says or does, but the second depends on Sony signing the offer. Right now Sony is rejecting everything.
What if, and it is a big if, this deal is approved by the three big necessary markets, but Sony did not come to an agreement with MS. Can MS then say, nope. That deal was rejected - here is our new offer. ?
If no regulator requires concessions, I could see them rescinding their offer to Sony and just publishing Call of Duty on Playstation no strings attached.
The contract probably comes with a lot of strings, like content parity. Without a contract I could see Microsoft making Xbox "the place to play Call of Duty" with timed content only on Xbox. Like, raids are new to Call of Duty. Play it first for a month on Xbox first! Get your hands on new zombie map first on Xbox. Etc. Etc.