I kind of disagree, mostly because an expansion northwest allows for a new hotel (and therefore new DVC, which is in their interest).
DAK will be fine unless they want to tackle staying open later again, in which case it needs maybe two rides (Africa, Pandora) and an amphitheater show. No new lands or major reworks of existing ones will be needed for some time.
HS will also be in great condition. Again, maybe a new Galaxy’s Edge attraction/dining, something behind AC, or a swap out for some tired theater shows, but it can also easily weather another half decade with minimal investment.
MK does have a Tomorrowland problem, but it feels like it’s now getting piecemeal treatment akin to Frontierland. TRON is new, SRS and Carousel are already on the refresh docket, and minor visual changes are happening throughout the land. Add in a BTMRR-level refurb for Space, a promenade CBMJ-level theater renewal for Stitch and Laugh Floor when Monstropolis opens, and a big Speedway renewal as the capstone when Piston Peak opens and you’re good. Old Fantasyland is the only other area that feels a bit tired to me, but I don’t think it cracks their list of concerns in the slightest.
To me, EPCOT is the only remaining park that really requires massive simultaneous investment in multiple areas in order to keep pace. Everywhere else feels like it’s on track to catch up. Wonders of Life, Imagination, Spaceship Earth, CommuniCore, and multiple national pavilions needed renewed investment, like, yesterday.
… Aaand that was all just a really long-form run-in to saying that further development northwest as the “other” big project alongside EPCOT Round 2 while they slow-roll other additions/replacements doesn’t feel far-fetched to me.