Remedy turns their back on the free upgrade route and Smart Delivery system.

Remedy has just announced Control Ultimate Edition for both current-gen platforms, next-gen platforms, as well as PC via both Epic Games Store and Steam. That's the good news! For just $39.99 (USD), you can own the base game of Control, The Foundation expansion, AWE expansion, and some other more minor content that has been released for the base game. That's not a terrible deal there, especially for those who do not yet own the game and want to pick it up.

The bad news here is that unless you own this Ultimate Edition of the game, you will not get a free upgrade from the current-gen release to the next-gen release. This is explicitly stated in an FAQ that accompanied today's announcement of the Control Ultimate Edition.

Will Control Ultimate Edition give me access to Control on Xbox Series X and PlayStation 5?
We will offer a free next-gen digital upgrade for those who buy Control Ultimate Edition on PlayStation 4 and Xbox One. For more information on eligibility, stay tuned to our website and community channels.

What if I purchased the original version of Control previously?
The free upgrade path to Xbox Series X and PlayStation 5 version of Control is only available for Control Ultimate Edition.
As it currently stands, there does not seem to be any cheap upgrade route to go from the original version of Control to this Ultimate Edition. It does very much seem that if you want to make that next-gen leap with Control in tow, you will have to do so by spending that full $39.99 price.

Speaking of the Ultimate Edition, the release will be staggered depending on which platform you want to pick it up on. On Steam, the release date is August 27. On September 10, it's out on Epic Games Store, PlayStation 4, and Xbox One digitally. By the end of 2020 it'll be out on PS4 and XB1 as a physical release. By the end of 2020 it'll also be out digitally on PlayStation 5 and Xbox Series X. In early 2021, the PS5 and Series X will get physical releases.