Eric McCormack back on Will & Grace
which doesn't bode well for a S3.
I did read that S2 will drop in October.
They wouldn't be making decisions about a third season yet, as this show airs week to week in Canada - it will drop on Netflix in late December. 12 or 13 episode seasons don't preclude the actors being involved in other major projects so a second TV series or a movie doesn't mean the first show has been cancelled, or that their character must've been killed off.
shareEric McCormack is also a producer for Travelers.
I doubt he would leave the show when he is doing double duty.
It's basically his baby.