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There will now be three different CoD developers. Ghosts didn't sell that well, so I guess they figured it was time to invest some of those billions in MOAR production quality: http://www.ign.com/articles/2014/02/06/sledgehammer-games-developing-2014s-call-of-duty-release
Sledgehammer Games Developing 2014's Call of Duty Release
Series changing to three-year development cycle.
This year's Call of Duty is in development at Sledgehammer Games, Activision revealed during its investor earnings call today.
"For the first time, this years Call of Duty game, and future Call of Duty games, are being built on a three year development cycle," the publisher also revealed. 'There are several advantages to doing this, the first is, of course, quality. This will give our designers more time to envision and to innovate."
This would put developer Treyarch's presumed next Call of Duty in a 2015 release window, with Infinity Ward following suit in 2016.
Earlier this year, Sledgehammer posted a job listing for a "next-gen Call of Duty game." Sledgehammer previously assisted on development of Call of Duty: Modern Warfare 3.