AMD is planning to move to a new generation (Polaris -> Vega) in about 13 months. If AMD can do it, I don't see why NVIDIA can't pull it off, too.
Also, there was a lot of derision of Pascal as "Paxwell" because the underlying uArch was very similar to Maxwell's (with some enhancements & implemented in 16FF+), so it's not too farfetched to expect NVIDIA to move to a "true" new architecture 15 months-ish after Pascal.
Frankly imo Vega with NCU is the first real update to the GCN architecture in 5 years. Almost every subsystem including the command processor, the compute unit, the geometry processor and the rasterizer has been improved. the Up until now all AMD was doing was minor tweaks to GCN like color compression (introduced in Tonga and improved in Polaris), improved tesselation (first introduced in Tonga and improved in Polaris), Primitive discard accelerator(introduced in Polaris). The core engine has not changed much and due to that reason we could see Fiji hitting serious bottlenecks.
As for Pascal it had some nice improvements to Maxwell like async compute but the base architecture was already very very good. Still Nvidia did a fantastic job with improving clocks and with the TSMC 16FF+ process hit 2 Ghz clocks easily (the first ever for a GPU). imo Volta is probably the first major architecture change since Fermi (which was built for DX11). I think its going to be built grounds up for modern APIs like DX12 and Vulkan. I think professional Volta with IBM Power 9 will launch for supercomputer customers in late 2017 and consumer Volta will come in late Q1 or early Q2 2018. If we do see Geforce Volta in 2017 it will probably be a low power chip (<75w) like GM107 for notebooks and entry level gaming.