It's usually a full year before the Game of the Year edition for any game comes out. I guess it's just about how long you want to wait.
I got Bioshock Infinite and played it during the summer. Then I got the Season Pass 'cause I wanted all the DLC, but the first DLC was just a Firefight type mode centered on the last battle. I didn't bother playing it. I want more story driven matterial. That's what I'm into Bioshock for. Still, I'm not miffed at getting the seaons pass. $20 is well worth it for more Bioshock. It's quality stuff.