For those who are wondering about how Lucha Underground handles their talents contracts. Dave Meltzer has shed some light on the situation.
The promotion has six options in the contracts.
Basically after every season, they can drop the performer from their contract. There are no minimum number of episodes guaranteed. The producers can drop a performer from a contract no later than nine months after the last broadcast of the preceding season, or, if the show is canceled before the last broadcast, 12 months after the last episode airs.
The pay rate is flat, with no increase for rerun airings. The contract gives the promotion exclusivity over the performer for use in all media, which would basically mean television, iPPVs, internet matches, unless the performer gets written approval from Baba-G Productions, or anything they believe would be in competition for the series.
Source: WrestlingObserver.com
