• Create a new branch in the repo's
• Update openshift/release with the new branch
• Create a new commit to the repo updating any locations which refer to the image version to the new version (add one if it doesn't exist, can be as simple as the version number in the image tag in the read me)
• Cherry Pick the commit to the new branch (with the correct CI this will then add the new tag to quay)
• Update the ObO image versions in main.go
• Update the COO midstream commit hash, branch names and Dockerfile (edited)

So 2 changes from what you had said:

1. COO is a midstream not a downstream. The downstream is the built images (i think)
2. COO doesn't get the image, it gets the 3 things above, and then uses them to build a new image

Source: 9:11

[TODO find the Merge Request that does this]