Before Elden Ring's colosseum update, FromSoftware updated the play-test-3 branch, back on October 26, 2022. And it has just been updated again, leading many to believe that another DLC is imminent, perhaps a larger story-based expansion akin to previous Soulsborne games, or a smaller mode like a boss rush. Whatever the case, DLC speculation is at an all-time high.
As reported by GamesRadar, this update was spotted by SonOfHashut on r/GamingLeaksAndRumours. They shared it with a screenshot of the updated branches, showing that development, play-test-3, dev-debug, dev-release, and qa-debug were all updated four days ago at the same time.
There have been leaks and rumours hinting at DLC for months now, fueled further by FromSoftware that there's more it wants to do with Elden Ring. While this might be that same something more, it could also be the long-awaited ray-tracing implementation, so it might be best to temper expectations as to how big an expansion, DLC, or update this could end up being.
In the past, FromSoftware launched the Ashes of Ariandel DLC alongside a balance patch, meaning that a similar branch was updated.
This was noted by user danielasiag, and the reason it's important to mention is that a sizable DLC would be its own listing, and would not show up as a play-test-3 update. Given From's tendency to launch DLC alongside larger base game updates, it's very possible Elden Ring is doing something similar.
Leakers have mentioned a boss rush mode, which this could be, and that would likely be similar in scope to the colosseum update, so we might not be venturing into whatever new lands FromSoftware has cooking any time soon. However, that doesn't mean there isn't a larger DLC in development, but if there is, we don't know anything about it yet. We'll just have to wait and see.