There's one other option:
They could make games outside newer versions of the same game. Game studios used to (and many still do) make a game, put it out, then get started making a whole different game. Even with the modern ability to update games,
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Put game out
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Update game to deal with unforeseen bugs found once the masses have access
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Maybe put out 1 DLC if you want
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Make a new game now. A different game.
Judging by the comments here, it seems it may vary between schools. Mine has a system where you "apply" for graduation. They just go over your records to make sure you've earned all the correct credits and enough of them. Once they've verified it they let you know they have and that you now have the degree. I'd probably check with your advisor if you have one, or if not contact the school and ask if there are any steps you need to take once your required classes have been completed.