The CentOS Project recently announced several significant changes to its roadmap that may affect your current and future infrastructure deployment strategies.
These changes are detailed in their blog post here: https://blog.centos.org/2020/12/future-is-centos-stream/
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The future of the CentOS Project is CentOS Stream, and over the next year we’ll be shifting focus from CentOS Linux, the rebuild of Red Hat Enterprise Linux (RHEL), to CentOS Stream, which tracks just ahead of a current RHEL release. CentOS Linux 8, as a rebuild of RHEL 8, will end at the end of 2021. CentOS Stream continues after that date, serving as the upstream (development) branch of Red Hat Enterprise Linux.
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In other words, the CentOS Project announced that CentOS 8 will transform to an upstream (development) branch of Red Hat Enterprise Linux called CentOS Stream, where previous CentOS versions are part of the stable branch. Current best practices indicate that CentOS Stream is not intended for use in production environments.
Frankly speaking the CentOS 7 life cycle remains unchanged. Updates and security patches will continue to be made available until June 30, 2024. The life cycle timing is subject to change.