This is a win win for MS. In fact, it's so win win that I wonder what the point of exclusivity even is with titles that will sell well on the competitor's platform. It's hard to say no to money after all. A future DOOM release will be interesting. Can MS say no to Sony (or even Nintendo because Panic Button are wizards) DOOM dollars? We'll see. Anyway, I can see this playing one of two ways.
1. MS releases COD on PS5 but makes Call of Duty day one on gamepass and uses the discrepancy to bolster the value proposition of gamepass.
2. MS releases on PS5 but DOESN'T add Call of duty to gamepass on day one and uses some weaselly argument about how the agreement with Sony prevented them from doing so. That way MS doesn't lose a ton of money on launch sales of the game.
Personally, I think they'll go with option 2. I think it's pretty clear that MS wants money. It's one thing to give up direct revenue from smaller or niche games, it's another thing entirely to give it up for COD.