Yeah, that's what I meant. When those people left, they needed 3 studios to complete Modern Warfare 3: Sledgehammer, Raven, and Treyarch, 4 if you count Beachhead. I just can't imagine that they'll remain an actual branded studio much longer, much less one that can complete a full game by itself.

Crystal Dynamics... I like their pedigree, but they certainly don't qualify as top tier. To me, those are DICE, Naughty Dog, Crytek, Guerrilla Games, Polyphony Digital, Sony Santa Monica, CD Projekt Red and 4A Games, the guys who have already made video games that could already qualify as a next-gen game on a console, or additionally Epic and Valve, who are ready to make that kind of game.