It is still best selling franchise on Consoles so I'd say, no it's far from being dead. Pubs don't care what few random people on forums say, they look at their bank balance. COD will continue to be popular, it doesn't matter if reviews are bad or some people on internet don't like it.
As long as it is making money, it is going to be a successful franchise in the eyes on pubs and other devs will continue to follow that market.
Luckily there are games like Shadow Warrior 2 out there, that are bringing back fun in FPS games but those games will never be as popular as COD is, and that's OK, Children of Men isn't as popular as Transformers either but the former is a better movie.
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