Alright I'm going to pull out the "Best Case Scenario" E3:
1) E3 starts with Scorpio reveal. Priced at $399. Designed to look like Xbox One S, but slightly bigger. Sleek, runs cool, with internal power supply, 6.5TF, Zen processor.
2) Atlus CEO comes on and says "We are pleased to announced we've been purchased by Microsoft".
*Persona 5 not cancelled for PS3 or PS4 (because Microsoft is such a good guy).
*Persona 5 port announced for Xbox One.
*Persona 4 Golden remastered announced for Xbox One.
*Atlus announces they are also working on a brand new JRPG IP (exclusive to Xbox).
3) Microsoft announces they have bought Thekla (Jonathon Blow studio) and Playdead (Inside and Limbo devs) to join 1st-party stable.
*The Witness and Inside are announced to have standalone disc releases.
*Thekla and Playdead are both working on new exclusive puzzle-game IPs for Xbox.
*Braid is announced as BC on 360, and Braid Remastered is available for download at E3 (at a cost of $4.99 for anyone who owns the 360 version) with a new 1000 gamerscore.
4) Microsoft announces the creation of a new JRPG 1st-party dev based in Osaka, called Microsoft Osaka Studios.
*The studio is comprised primarily of former devs that made Blue Dragon and Lost Odyssey
*Their first game is an original JRPG IP.
5) Bonnie Ross from 343 comes on stage with the head of Rare.
*They announce that 343 Studios is working on Perfect Dark 3, developed 100% by 343 with some key Rare employees providing input
*Rare shows off Sea Of Thieves and confirms it's not free-to-play, not an MMO, and will have a massive single player campaign with dungeons similar to Wind Waker.
*343 announces that half their team is hard at work on Perfect Dark 3, with the other half spending significant resources to fix Master Chief Collection
6) Bonnie Ross stays on stage but the heads of Rare leave, replaced by the heads of Bioware
*They announce a Halo WRPG similar to Mass Effect 1. Developed by Bioware with input from key 343 members. You play exclusively as a female Spartan.
*The game will take place during the original Halo 1, 2, and 3 trilogy.
*You visit Halo rings, Earth, different human colonies, and various Covenant planets. No Prometheans.
7) Then Bonnie + Bioware guys leave, and Rare heads come back on stage with Playtonic Devs
*They show a Yooka-Laylee trailer (and at the end of the trailer it says coming out April 2017 on PC, Xbox One, PS4, and Switch) because Microsoft is such a good guy and won't obfuscate the details of any third-party partnerships.
*After the Yooka-Laylee trailer, we hear a banjo tune and the familiar banjo guffaw. Then a Banjo Kazooie 3 trailer shows.
*Co-developed by Playtonic and Rare
8) Sam Lake from Remedy comes on stage with Phil Spencer. Microsoft announces they've purchased Remedy.
*Quantum Break story expansion DLC is announced. You play exclusively as Beth Wilder.
*$30. Can be purchased standalone. Has its own 1000 gamerscore. Can be launched within Quantum Break.
*Alan Wake 1 Remastered, with 2000 gamerscore. Has all DLC and American Nightmare.
9) The Coalition come on stage with Rod Fergusson
*Public apology from Rod Fergusson re: microtransactions. The cost of microtransactions is dramatically reduced.
*Confirmed that game has been changed so that the possibility of duplicate skins/characters is now ZERO.
*Currency drops for normal game play dramatically improved.
*New story DLC announced where you play as Kait and JD. Kait is the default player one character. Takes place shortly after the end of Gears 4. Titled "Kait's Epilogue". $20.
10) Microsoft announce they have purchased Twisted Pixel and they are working on Splosion Man 2.
11) Microsoft announces there will be no Forza in the year 2017. Instead, the Turn10 and Playground teams are hard at work on Scorpio patches for Forza Motorsport 5 and 6, and Forza Horizon 2, 3, and Fast/Furious.
12) Cuphead has a trailer and release date (July 2017). It wins game of the show. Platforming levels are dramatically improved.
13) Then, Phil Spencer says, "and one more thing". The auditorium goes dark. You hear a chainsaw and you see The Coalition's logo, and it says "The Coalition and Microsoft Studios present Shangheist". 2-minute trailer. The NY Times and Washington Post says "They did it!!! The sons of bitches actually did it!!!" on their front pages.
Then the OP will be fucking epic. The list of first party devs will be:
343 Studios (working on Halo 6 and Perfect Dark 3)
Rare (working on Sea of Thieves and Banjo Kazooie 3)
Atlus (working on Persona 5, Persona 4 Remastered, and new JRPG IP)
Thekla (working on new puzzle game from Jonathan Blow)
Playdead (working on new puzzle game similar to Inside)
Microsoft Osaka Studios (working on new JRPG IP)
Remedy (working on Quantum Break DLC and Alan Wake Remastered)
The Coalition (working on Shangheist and Gears 4 DLC)
Twisted Pixel (working on Splosion Man 2)
Turn 10 / Playground (working on legacy Forza patches)
Mojang (working on Minecraft expansions)