I currently own two Nikon Z 9 bodies, Nikon Z 600 f4 TC, and the Nikon Z 70-200 f2.8. I only shoot birds (small to large), mammals (small to large), African safari, etc. I want something in the middle. I have enough to get either the Nikon Z 120-300 f2.8 TC (when released) or Nikon Z 400 2.8 TC. I’ve shot with the Z 400 TC in Africa and it was amazing and like it. I like that the 120-300 is a zoom and would be more flexible. I’ve owned the Z 100-400 and don’t consider it an option. Which one to get next? Appreciate any advice!
You already have more experience than most here. The 400 and the 120-300 certainly don't seem interchangeable to me, however. The zoom is going to be insanely flexible.
Your budget for best-in-class gear is enviable.
I have and use the 400TC, and it is my go-to lens for wildlife and some landscape photography. If you look at the 400TC thread, you will see many sample images I have posted, as well as many more from other very talented photographers. I am a huge fan of this lens for mammal photography, but I don't think it is a lens that pairs well with the 600 f4TC for travel. Unless you have a non-photographer friend willing to lug your gear around, carrying Nikon's two largest lenses, bodies, and other gear is a crazy burden. In my case, I have both the 100-400S and 180-600. If I'm going on a wildlife specific trip, I choose one of the two latter lenses to carry with the 400TC and add in the 24-120 to cover my wide-normal range.
So, if your budget permits, I suggest you get the 120-300TC when it is released and available. I'd add the 24-120 and you have just about everything you could possibly want... 24-120, 120-300TC, and 600TC.
I've already spent a lot of money on my gear, but if I were to begin fresh in 2027 (allowing for the 120-300TC to hit the market) with what Nikon has on the table, I'd probably shoot with the 24-120, 120-300TC, and 600PF. My goal is to carry the broadest range in a bag that I can hike comfortably for 5 miles. Because I use a pair of Z9s, the 400TC w/ two lenses is about 3 to 5 lbs more weight than I'd like to carry... but somehow, this 60 year (plus) frame manages to deal with the mass.
In your shoes I'd wait for the 120-300 and then clean the sensors on the Z9s real well and solder the 120-300 on one body and the 600TC on the other body and call it done.