With SmackDown moving to Friday night, the plan, for now, is for 205 Live to continue airing on the WWE Network and it will also move to Fridays at 10 pm eastern. However, that Friday night timeslot is only temporary.
Dave Meltzer noted in the Wrestling Observer Newsletter that there are many different ideas that have been suggested for the brand and one of those ideas is to eliminate the show completely. No final decision has been made on what to do with the brand.
WWE has not said who will be on commentary for that brand now that Vic Joseph and Dio Maddin are moving to Monday Night Raw. Aiden English is the only announcer left on 205 Live. When WWE sent out their press release on the announcing changes, there was no mention about 205 Live, which is interesting.
Tom Phillips and Byron Saxton are not assigned to a show right now so, perhaps, they can be moved to 205 Live.
For what it’s worth, Triple H said a couple of weeks ago that 205 Live would move under the NXT umbrella. Lio Rush won a number 1 contenders match for the Cruiserweight Championship on the first NXT-USA show so it’s clear that we’ll see some 205 Live stars on that show. The NXT writers are now handling the creative direction for 205 Live.