The EA Play event, showcased many games, including FIFA 21 although we didn't get a lot of information.
EA took to their site to answer the questions everyone had.
What Does ‘Dual Entitlement’ Mean?
Dual Entitlement allows you to upgrade your copy of FIFA 21 on PlayStation 4 to PlayStation 5 and it works the same for Xbox One to Xbox Series X; doing this includes no extra cost.
If you purchase FIFA 21 for PlayStation 4 or Xbox One, you’ll be able to upgrade your copy once you have the corresponding next-generation console (PlayStation 4 to PlayStation 5, or Xbox One to Xbox Series X) by downloading it to your console up until the launch of FIFA 22.
The physical copy of FIFA 21 on PlayStation 4 also includes your entitlement to download and play the PlayStation 5 version of the game (and Xbox One with Xbox Series X).
If you intend to buy a discless next-generation console, you will need to purchase FIFA 21 digitally to take advantage of the Dual Entitlement.
You’ll be able to play FIFA 21 on PlayStation 4 and Xbox One after taking advantage of the Dual Entitlement offer.
Any progress you make in FIFA 21 Ultimate Team and VOLTA FOOTBALL will transfer from PlayStation 4 to PlayStation 5 and back, or Xbox One to Xbox Series X and back.
Progress within all other modes including Online Seasons, Co-Op Seasons, Career Mode, Pro Clubs, etc. will be specific to the console you are playing on and won’t transfer between consoles.
The Dual Entitlement upgrade is only available when you upgrade from PlayStation 4 to PlayStation 5, or Xbox One to Xbox Series X.