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Rockstar would have a chance to do CoD numbers if they didn't constantly fail at MP. It's obvious that they want to capitalize off the MP craze but they continue to fall flat on their face in that regard. Can you imagine a game as popular as GTA with a great MP component? All the people who rent it for a week would probably buy being how huge online gaming is.
GTA was the highest selling game of all time when it released. You know what has sold more since it released.... consoles. There are quite a few more consoles out there today than when IV released. Blops benefits greatly from that, and having the game release on more consoles than GTA ever gets a chance at. But now V will be coming out right before the new consoles do so there will be the maximum amount of consoles out there in the public.
GTA has never outsold CoD and 5 will not change that.
Considering GTAIV was the best selling game of all time when it first launched I say it has a better than decent chance to outsell COD:
On 13 May 2008, Grand Theft Auto IV broke the Guinness World Records for "Highest grossing video game in 24 hours" and "Highest Revenue Generated by an Entertainment Product in 24 Hours". It sold 3.6 million copies on day one, which equalled roughly $310 million in revenue. For first day sales it also broke the record of "Fastest-selling video game in 24 hours", previously held by Halo 3 at $170 million, however, its record was broken in November 2009 by Call of Duty: Modern Warfare 2.
And you have to also consider how many more people own consoles in 2012 when compared to 2008. GTA 5 could definitely do it.