The engine itself is a 12GB download without any projects. The only UE5 example project out so far is Valley of the Ancient and that's a 98.9GB download.
It probably won't be very long before a group (or several different groups) of Unreal Tournament fans announce they've started working on yet another new fan made Unreal Tournament remake. Like the others before it'll probably never get anywhere near a finished playable game.
But we can always dream. UT5, Open Tournament 5 or whatever. Personally I think Tournament Royale (featuring a battle royale gamemode of course) has a nice ring to it.