A search of the help forums turns up multiple GM's saying that it just needs to be back above -$500K. This contradicts the game manual, but the game manual hasn't been accurate in a couple of years.
You're not going anywhere, Andrey Petrakov...
Also, based on Salary Floor being 120% of the TV contract, it looks like we'll see a boost of $17K+ in TV revenue, up to $224,523.