Could be, but theres a limit of Obsidian employees. Let's say we add only 2 more (5 projects). Those are already only 40 people per project if you lived in a perfect world where you could divide workforce evenly.
I mean, just the microsoft project alone will wrap up 100+ employees when it goes in full production. And that production phase will overlap with other projects as well.
Ofc, we could look a large batch of mobile games but I hope not.
I doubt they are making any mobile games. Missouri is definately a smaller than 40 people project since Josh is involved. 40 people would make it almost the size of Pillars and he wanted a smaller team for his next game. 10 to 20 people when it is in full production mode.
Outer Worlds development is ramping down, but some of that team has moved on to the DLC (but those don't get a state as project name). 20 to 30 people on DLC, 10 to 20 people on bug fixing and polishing?
It takes some time for the newer projects to hit full production, so for some time teams on those will be smaller. Especially if they are creating a new IP. It took ages for Outer Worlds to finally get into full production. Boyarsky joined in April or May 2016 and the team got fully staffed after AW was taken away by the commies in late 2016 or early 2017. Bunch of people from Deadfire and Tyranny teams joined as well later on.
Would they really have 2 or 3 cancelled projects after Outer Worlds? One for sure since Deadfire didn't create enough revenue, but 2 or 3 sounds too much. Project Missisippi (half of a project in 2017 or 2018 that Feargus mentioned?) could have been in the works for quite some time now while Brennecke's and/or Perez's projects could be still in pre-production thus needing a lot less staff for now.
Indiana - Outer Worlds
Missisippi - ½ of project that was mentioned in Eurogamer articles?
Illinnois - Cancelled / on hold?
Alabama - Brennecke's project
Maine - Perez's project (POE3?)
Missouri - Josh's small tactical game
Some journalist should just ask Feargus if Missisippi and/or Illinois was cancelled, would stop the endless speculation for now