COD exclusivity, potential degraded versions or one-sided subscription deals wouldn’t necessarily be a problem for Sony, but Jim Ryan’s stance changed in August when Phil Spencer couldn’t commit to PlayStation not receiving always receiving the games from Activision that they normally expected to receive. Essentially, outside of a 5 year deal for COD (at that time), Sony couldn’t rely on any new Activision games.
So far as we know, that hasn’t changed in terms of the deal offered.
In that situation, not having COD is a bigger deal.