Performance with SoftPowerPlayTables
A 40 CU Navi overclocked @ 2140-70 MHz gets close to 2080FE territory (~20 % faster part, balanced), @ standard clock it is only 5 % slower then Radeon VII and 8 % faster than non-xt and 12 % faster than Vega 64
A 36 CU Navi overclocked @ 1900 MHz gets close to 40 CU part (~8 % faster part)
Additional 4 CU seems to equal a performance increase of 150 - 200 MHz (for 5700-5700XT) or ~ 8-12% with current efficiency. The 2080Ti is only ~42 % faster at 1080p @ DX11, 33 % faster in with DX12 1080p. Difference is higher at 1440p and 4k but also the 2080TI bus-width is ~27.3 % wider, 352-bit.
So a guesstimate with keeping the bus-width at 256-bit (the 24 CU part is 128-bit, so a 56-64 part would probably have a bus-width of 352-384-bit) will land a 56 CU part roughly at 2080TI territory, a 60 or 64 could possibly trade blows with it. 251mm 40 CU to 60 CU could possibly land the chip somewhere at ~305 to 331 (old Radeon VII size). With SIGGRAPH at the end of July, it could be that AMD unveils 5800-series and also 5900-series there, with 5800 release in September and 5900 in November/December?
The rumor isn't all that crazy when you view it from a gaming market perspective I think, the Radeon VII is obsolete. AMD has MI-50, and VEGA Pro II in Mac Pro's, and that could be enough for Vega 20's life?