Ghost Games UK, will be at the helm of the Need for Speed series, which is what Criterion has been managing since it took over when it developed Need for Speed Hot Pursuit. Ghost Games will be directing the development of all of the Need for Speed IP going forward.
As for the 16 left at Criterion, it is believed that the studio is now referred to as Criterion Zero and they are working on a secret project. (Rumors suggest that this secret project is believed to be a new Burnout title, but so far this remains unconfirmed.)
The development is surprising, but we have to hope that at least for the moment that Criterion isn’t dead yet, but the best news is the majority of them are staffing Ghost Games so the racing games from them will continue.