TC has not been renewed. I confirmed that the rumor on EDO was false with someone on the TC production staff. That person said back in march things looked good for a renewal as long as TC's ratings stayed at the current level or increased slightly. The problem is back in March, TC's ratings were increasing due to decreased competition on Thursdays.
Last week TC had it's lowest # of viewers since November. This week the AI lead-in will help, but there might be a huge drop off. That drop off killed shows like Cracking Up and Oliver Beene. After this week, Friends starts their final episodes, which will be hugely hyped.
Also, Fox is not announcing their fall schedule like everyone else in May. They'll be announcing their summer schedule. So there's a possibility that we won't even know if TC has been renewed. Or it could be renewed then cancelled depending on how Fox's summer lineup does. Fox is going to be launching 4-6 new scripted shows during the summer. Last year Fox had 3 shows they announced for their fall schedule that ended up canceled before going into production or never airing any of their episodes. So even if it is renewed, it's not all good. Of the 2 sophmore shows on Fox this year, both have been canceled.
Fox has also quietly renewed shows they haven't annouced renewed at an upfront presentation, since they wanted to avoid criticism for canceling critically acclaimed shows and keeping shows that critics hate. Several years ago a family member of mine spent two days thinking the reality show they worked on had been canceled just because Fox didn't have the guts to announce it was coming back at their upfront presentation. Fox is pretty classless about this.
If Fox cancels Arrested Development (after canceling Wonderfalls), then renews TC (which has lower ratings then shows like Firefly, Dark Angel, John Doe, Fastlane, Andy Richter, Family Guy, Futurama Lone Gunmen and countless other shows), they're going to get absolutely blasted.
A friend of mine who worked on Fastlane went into an obsenity laced tirade on hearing TC was picked up for 7 additional episodes. I can't imagine what's she'd do if she heard TC was renewed with lower ratings then her show. It's going to burn at lot of bridges with tv producers angry about double standards, so Fox is going to be very cautious about the announcement.
But Fox is down so far this year that they might renew bubble shows like TC and Arrested Development when most years they'd be cancelled immediately.