The only way they could seriously salvage Concord is by renaming it, and replacing or redesigning most of the characters. They'd have to also change the gameplay to be meaningfully different from other hero shooters to survive on the market.
Fundamentally, nothing about the game is good enough to keep it alive, even if you fixed the most offensive elements, because it's a saturated market. That's just my ideas if they were forced to do it for some reason. Cutting their losses ASAP like Hyenas did was the right move.
Battleborn came out right next to Overwatch, and everyone already knew back then that yeah, they wouldn't coexist. Why do corpos keep throwing their hat in the ring? Is making a stupid, gay hero shooter a rite of passage in the game development community, like heading a failed project at Google supposedly is?
Four hundred million. Fuck SIE.
If indeed, as reports indicate, the game took 8 years to develop and $200 million, then when it was 18 months away from release Sony realized it was in such a poor state that they decided to fully go sunk-cost-fallacy and sink ANOTHER $200 million to push it into a viable state. This shows a profound level of incompetence. Firewalk simply is not capable to pull off the type of overhaul that would be necessary to make this game a commercial success.
They'll need to design and model new characters, create new animations, redo the mechanics by designing new game modes and all manner of changes to make it different enough to anything else on the market, In short this would take an immense investment of time, talent and money that, in all honesty, I don't believe this studio has the capacity to achieve such an undertaking.
Then there is the necessity of creating and implementing a cosmetics store within the game to make it viable as a F2P game with skins, emotes, sprays, and others types of items. The problem is that this game has the ugliest character designs of any game in recent memory and the alternate costumes that were available made them even uglier.
It is no secret that these developers have expressed their utter disdain for anything that would appeal to a white, male, heterosexual demographic. These developers have been ideologically conditioned to produce ugliness. The primary reason this game failed was because the characters were so repulsive to look at that nobody wanted to play as them, let alone buy any merchandise that would be associated with this crap. Can anyone even imagine buying a figure of any of these characters to put on a display case? Not a snowball's chance in Hell.
There is nothing Sony can do to salvage this game if they leave this task to the same studio who created it, end of story. If by some madness they insist on rereleasing the game, regardless of rebranding, it is going to fail again.
Concord is a poisoned well, there is no point trying to go back to it. It is dead.