Dave Meltzer of The Wrestling Observer recently noted that he had the chance to examine a Lucha Underground talent contract, and the deals appear to be pretty one-sided.
Talent contracts are usually for 7 seasons, and Lucha Underground star Son of Havoc actually noted this once in a promo. The catch, however, is that Lucha Underground can decide how long a season is, and can make them last as long as they want, as there is no set number of episodes per season.
Despite the above, if Lucha Underground does not film a season two, or does not have plans to do so for awhile, talents would be able to get out of their deals in court fairly easily, since they cannot be held to a deal that is not providing them with work and/or compensation.
As noted, Lucha Underground talents have been told they can accept outside bookings through the remainder of this year, which means a second season of Lucha Underground likely will not happen until 2016.
Main event talent Prince Puma, who works outside of Lucha Underground as Ricochet, already has some New Japan Pro Wrestling dates lined-up.