、。
This time next year, we'll probably be studying frantically.
Literal
Next-year [possessive-の] this-time-around, we [topic-は] desperately studying-is [probably-でしょう].
必死に ('desperately / with one's life on the line') is a heavier intensifier than 一生懸命に — literally 'necessary death,' sharing a martial etymology with the samurai-rooted 一生懸命. The stack ~ているでしょう combines ongoing-state ~ている + probability でしょう to project a future state: 'will probably be in the middle of doing X.'