Maybe if you haven’t bought a PS4 yet, you probably ought to wait. According to reports from Giant Bomb and Euro Gamer, the PS4K is not only real, but development kits codenamed Neo are already being distributed. As previous rumors suggested, the new hardware will include a better CPU, GPU, and memory performance. The report these sources got their hands on also mention that Sony will be making developers include a “Base Mode” and “Neo Mode” so that every game works with the O.G. PS4, while still taking advantage of the more powerful PS4K. The other features “Neo Mode” will include is still unknown.

Furthermore, it will of course support 4K output. However, developers won’t need to worry about pushing to hit that mark, as the new console will upscale every game. All existing and future PS4 peripherals will also work with the new machine. Check out the upgraded specs below.

What does it all mean? Well, whoever is in charge of giving PlayStation projects their codenames really likes the Matrix. Remember when the PlayStation VR was known as Project Morpheus? Also, the upgrades aren’t as vast as many originally believed they would be, and it doesn’t seem like current PS4 owners will be missing much if they don’t upgrade.

Again, let’s remember that these are just rumors at the moment. I know many early adopters feel like they’re being left behind, but if this information is indeed accurate, then we all need to chill out because it doesn’t seem like the new hardware will be a required upgrade. On the surface, it appears to be a new iteration for those who’ve upgraded to a 4K display– like myself. [Editor’s Note: Bragging.]

Do you believe these rumors? If you do, when do you think Sony should announce it? Are you a PS4 owner who feels burned by this news? Will you be upgrading? Let us know in the comments below!

Malik just talked about this very thing on Nerdist:Play if you’d like more information.

Images: Sony Computer Entertainment, Giant Bomb