Whether you're debating buying a Pixel 5, you've already pre-ordered, or you're not interested, there's one thing you can still get excited about: new wallpapers. A new Pixel means new artwork, and like the Pixel 4a, Google's made a whole pile of them that take advantage of that hole-punch cutout for the front-facing camera, making it a feature rather than something to be hidden, and Pixel 4a owners can use them too.
Personally, I love how fun Google's new wallpapers are, but they're sure to be polarizing. Plenty of folks thought the even more toned-down wallpapers included with the Pixel 4a were too outlandish, and some of these take things much further. Like them or hate them, some are pretty crazy.
All the wallpapers make use of the hole-punch cutout on the Pixel 5, and based on the offsets included in these images, they look like they have been updated to play nice with the launcher tweaks in Android 11. I should also note, the wallpapers are also compatible with the Pixel 4a. In fact, they're already available for me on the Pixel 4a in the "For Fun" category (possibly via an app update), but if you try to download the images and apply them manually, they'll be just a tiny bit off.
If you'd like to check them out or tweak them to fit your device, you can download them all bundled together in a single zip file over at Android Filehost.