Just like the deal with Bethesda, the implications of this acquisition are going to be far-reaching - but likely won't be fully realized by Microsoft until the next generation starts. They'll continue making the games they're under contract to (namely, Call of Duty) and Microsoft will make a huge amount of money selling them for the next few years on PlayStation as they're contractually obligated to do so. By the time these contracts run out, we will be pretty far into the current generation of hardware. Right now, a lot of people are entrenched in the PlayStation ecosystem and this move is Microsoft's long term strategy to try and change that.
When Microsoft announces the next Xbox, I expect there will be a huge marketing push centered around showcasing their first party games that will only be playable on Xbox: Call of Duty, Halo, Forza, Elder Scrolls, Tony Hawk, etc. In fact, I suspect strongly that we'll see this as soon as late 2024 - where Microsoft will introduce a new more powerful console to market while phasing out the Series S and turning the Series X into the cheaper "entry point" console. (similar to last gen's "Pro" hardware refresh). Hardcore gamers will be looking to replace their "aging" 2020 technology by then, and Microsoft's new software lineup (and Game Pass) will be a compelling reason for a lot of people to trade in their PS5s for a Series Z.