Given that this is the only DC/CW show I'm currently planning to continue watching after the winter hiatus, that's good news. That being said, hopefully, they'll drop the time traveling after this season. The writers aren't very good at it and dropping it would probably save the show a lot of money. Also, where can they go with it from here? The Legion of Doom is currently seeking the Spear of Destiny, which can rewrite reality itself (the aftermath of which could be subtle changes to the timeline or a merger between Earth-1 and Earth-38). Another time traveling season (and every season after that) would feature another villain, with the same goal: change history.
No, it might be better if Rip leaves to rebuild the Time Masters. If Darvill wants to stay on the show, they could bring him back as Rip's 21st century ancestor, Daniel Carter (an existing DC character).
It is funny how LoT was originally announced and intended to be a one-season special ensemble show and is now already going into its third season. I suppose the lineup will probably change again for S3, which at least makes it possible to introduce nw minor DC characters. I am starting to lose interest in the show though, unlike the Flash for example.