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Concept art of Ghost from Call of Duty from a cancelled multiplayer Crash Bandicoot game
(hexbear.net)
Eww 
In the end, Activision cancelled all Crash and Spyro projects and sent both Toys for Bob and Vicarious Visions into the Call of Duty mines, but Toys for Bob at least became independent afterwards
Edit: I'm currently watching the video this screenshot originated from and it's really depressing:
https://www.youtube.com/watch?v=PzHwPNPW2VM
At one point Activision got rid of Toys for Bob's dedicated art department since they figured they could just outsource art to contractors who they wouldn't need to give benefits to
In the mid 90's I can totally see a lighthearted parody of the gritty super serious modern warfare style games in a Crash or a Spyro. Not exactly sure how it would work but I'm certain I could see a PS1/PS2 era Crash or Spyro taking some light jabs at these style of games. Especially if they were all under the same corporate umbrella, it's usually even more fun when it's all "in-house" . It's a shame that sort of Nickelodeon/Cartoon Network era whimsy is probably all gone at the modern AAA studios.