What bi annual schedule? f!ght Night has never had a set release schedule the first 3 dropped back to back then the next one dropped 3 years after then Champions dropped 2 years after. And also why are you a.ssuming the whole team is working on UFC? You know DICE an EA developer has multiple teams that work on different projects right. The Maxis (SimCity) team is working on 2 games right now. So is Crytek (Crysis 3 and Warface). Its not out of line for one studio at EA to work on multiple games. Truth be told games have gone under the radar before alot so I wouldn't worry too much. Truthfully they've done alot this gen and I would prefer if they saved the next f!ght Night for next gen anyways since we saw what they did with Round 3.
EA sports doesn't work like that since those squads have to develop quick comprehensive sports games every 1-2 years.
Chances are that unless Live falls flat it's gone for at least 4 years, it's been generally accepted that UFC would come in and replace the EA MMA game. In that the EA MMA team would just become the "EA UFC" team but it didn't happen like that. Instead. they moved MMA over to Live and moved FN over to UFC with no other team to cover FN.
First it was Brizzo, Senior Producer of f!ght Night, and now the entire team was moved over to work on the UFC project "Gladiator". This is a project that was already on deck and in beginning stages before they even secured the rights to the title that has an estimated release date in 2013. As of today, there is no FN planned at all, meaning that those guys aren't working on both.
So as it stands FN is frozen.