Lawyers are clever enough to not let this happen. Netflix doesn't itself creates the shows. Producers go and pitch their ideas and ask for a budget and Netflix approves if it wants and orders for a season.

I am pretty sure producers then can't get out of the deal after the first season is a hit. They might ask Netflix for a budget hike to improve quality or to fulfill directors and actors demand for a hike in salary after the hit because they aren't on a contract. They might also ask Netflix to increase their cut because of the hit or there might be a clause for that. The producers have the rights to wednesday for multiple seasons and they have the power but they can't now go to other studios if they pay them more. They are bound to Netflix for whatever the contract says and i doubt it says just 1 season. The writers(also producers) own the rights to the television series i think(i heard in an interview). It's also important what their contract with MGM(company that owns Wednesday IP) says and they already had plans for multiple seasons.

There's a very low chance it's going back to prime before 3-4 seasons.