Activision has just reported on their financials for the last quarter, and among the news they've announced that Sledgehammer Games will be leading the development of the next Call of Duty coming out this year. In the past, Call of Duty development has jumped between Infinity Ward and Treyarch in two-year cycles.
With Sledgehammer now developing the next game, the Call of Duty series will switch into a three-year development cycle. Sledgehammer has worked on Call of Duty in the past, specifically they assisted Infinity Ward with the development of Modern Warfare 3.
The only thing I took away from this is that we have to wait another year now for Treyarch to make a good Call of Duty game again.