
I have consistently argued that the yearly release cycle was more a hindrance to sports games than a help. But I think my stance has changed a bit after 2010.
What we ended up with this year were several very well made games that received some big improvements in just one year. We also saw some titles rest on their laurels a bit (MLB 10: The Show comes to mind).
But the argument for sports games releasing every other year (or longer) does not hold up as well as I originally thought for a variety of reasons.
First, the model is just not all that profitable. Despite any of my best efforts, I can't come up with a solution where publishers make more money taking a year off. Video games are first and foremost a business, and for innovation and quality to occur, there has to be a steady flow of cash. You don't get that with anything less than yearly sports games.
Second, more time does not guarantee quality. You can perhaps get a few more features in, but how many sports games developed for longer than a year are truly innovative and bug free? Gran Turismo was in development for five years and did not quite cut the mustard in that regard.
Third, I feel the yearly release cycle allows sports games to achieve quality levels they would not otherwise achieve simply because developers are able to learn from their mistakes and turn around to make better games the next year. How many times have we seen better games as a result of the yearly release cycle feedback we have come to expect?

Now don't get me wrong, I don't think the current system is without its faults -- as there are a few things I would love to see change. Bigger budgets for Q and A, and post-release patching would be my big wishes. I also think sports games should explore the idea of having a running theme each year as well.
However, unless you are completely re-doing your series (like an NBA Elite) or developing a truly epic game in scope (Gran Turismo 5) then there is hardly any reason for the current crop of sports games to take much more than a year to develop. If you have the development talent, good leadership and good funding, then one year is enough to produce a big time sports game.
Consumers who have a problem with the yearly cycle should consider and explore taking years off from a series. I actually do this right now, outside of briefly playing some titles to explore new features for the site. Many complain about the lack of year-to-year progress in titles such as Madden, but if you play Madden NFL 11 compared to Madden NFL 08 you will find two completely different games.
In the end, we would just be replacing one flawed system with another -- there would be a whole new set of problems by lengthening development cycles. So I'm all for keeping release cycles the same, let's just make sure the effort is more like NBA 2K11 across the board.