MS given first refusal, I didn't wanna say it, but it sure does read that way.I honestly think they could.
three things to look at
1. Whatever you want to say about Spider-Man, that character is the most valuable of all superheroes including DC. Sony or MS would pick Spider-Man first out of Marvel's library.
2. Microsoft may have looked at their first party studios but they were contracting out to devs and looking at the studios internally (accepting MS decision that they genuinely didn't have a match to dev a Marvel game) and externally, Insomniac is #1 of their outside contractors for big open world games.
3. At the time in 2014, Xbox 360 was the winner of the last gen at that time, and they did compete well initially with the Xbone that if Sony and MS both asked for Spider-Man then MS could have been given first refusal.