There will be one last season and then it will be shut down.

Total Reward Pool is 70000 Steem.

Season I - 6800 Steem check
Season II - 6800 Steem check
Season III - 6800 Steem check
Season IV - 6800 Steem check
Final Season V - 42800 Steem

Total: 70000 Steem

Last season before shutdown:

• Name: Omega
• Prize Pool: 42800 STEEM, Leach Rate: 50%, Deploy Rate: 50%
• Duration: 44 days

Season V starts on March 27, 2020 19:00:00 UTC

So if no one picks up the torch and continues with nextcolony that will be most likely the end.