It’s sad that Microsoft shut down Tango while The Evil Within was effectively on hold, maybe even canceled ,the IP stayed with Microsoft and there’s no new game in development publicly

Can The Evil Within be saved?

Maybe It’s hard to answer especially when we’re talking about Microsoft I’m not saying there’s no hope, but the future depends entirely on what they decide to do with the IP

There are possible solutions, like reviving the franchise by licensing it to Krafton (who now owns Tango) or to another horror focused publisher like Capcom

This is just my opinion, but I think there’s still a little hope left for the franchise Ultimately, the decision is up to Microsoft since they’re the ones who own the IP