Critically, the teaser did not name specific characters. While the phrase "Phantom Thieves" naturally conjures images of Joker, Morgana, Ryuji, and the rest of the crew, no individual operator skins, weapon blueprints, or themed modes have been detailed yet . The reveal was a broad-strokes confirmation meant to build anticipation rather than a full content roadmap.
While we wait for official specifics, CODM’s history offers a reliable template. Previous high-profile collaborations with NieR: Automata and Pop Team Epic introduced a mix of operator skins, weapon blueprints, and limited-time in-game events . The Heaven Burns Red mobile RPG, which also announced a Persona 5 Royal collaboration for 2026, confirmed its event would feature an original story written under Atlus’ full supervision, suggesting a level of creative integration that CODM might also pursue
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It’s reasonable to expect a similar structure for the July event: a set of premium Draws featuring iconic Persona visuals, a themed game mode, and likely a Battle Pass track or event rewards filled with the series' unmistakable red-and-black aesthetic. However, until Activision or Tencent publishes detailed patch notes, any specific character roster remains speculation.
The Persona announcement was a look ahead, but the immediate action is in Season 5 — Revenge, which launched on May 27, 2026, with a full-scale collaboration with Amazon’s The Boys . This crossover includes three Epic-tier operator skins: Homelander, Starlight, and Black Noir
. The season introduces two themed multiplayer modes, a dedicated event with over a dozen rewards, and three separate premium Draws, each anchored by one of the supes
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On top of the crossover, Season 5 also adds the new Armored Royale squad-based Battle Royale mode, the BAL-27 Assault Rifle, and the Mythic Kui Ji Operator Draw . A detailed rollout schedule posted by content creators indicates the Black Noir Draw arrives first on June 5th, followed by Homelander on June 12th and Starlight on June 13th, keeping the season’s content drip-fed through mid-June
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The dual announcement — The Boys now, Persona 5 Royal later — illustrates CODM’s deliberate rhythm. The game alternates between Western TV and film franchises and Japanese anime or JRPG properties to keep its content pipeline diverse and globally appealing.
A quick look at recent seasons shows the pattern clearly:
This rotational approach ensures that each season can feel like a distinct event, attracting different audience segments while giving core players a constant stream of fresh cosmetics and modes.
The biggest open question remains the character lineup. Will Joker be a standalone operator, or will we get a full Phantom Thieves squad? Could Morgana appear as a companion or vehicle skin? The official announcement left all of this unanswered.
For now, the key takeaway is that the collaboration is confirmed for July and is substantial enough to headline a segment at Tencent’s biggest annual event. The silence on specifics is typical for an early teaser; a full reveal with operator trailers, weapon blueprints, and event details will likely arrive in the weeks leading up to the launch. Until then, Season 5 and its superpowered mayhem are live now.