Gearbox has announced that Borderlands 3 will indeed be coming to PlayStation 5 and Xbox Series X/ Series S on the day of their launch: November 10th for Xbox and November 12th for PlayStation 5.
It was previously stated that the PS5 and Xbox Series X/S versions of Borderlands 3 will be free to everyone who own the game on the respective previous-ten console. Add-on content and your save file will also be transferred. However, if you own the discs version of the game, you need the disc drive version of that console in order to claim your free copy.
Borderlands 3 will receive an update so it can take advantage of the next-gen horsepower, including 4K support at 60 FPS, alongside three- and four-player split-screen for local multiplayer. Vertical split-screen for two-player co-op is also included, and will come to the Xbox One and PS4 versions when the new console launches. Cross-platform play has been confirmed, allowing console players to play with one another regardless of the platform of choice.
Although the Borderlands 3 season pass is also tapped out, the game will still receive more content in the next few months, including an upcoming Arms Race Mode.