If this information turns out to be true, then it opens a lot of scenarios the producers can write on. Will they take the show back to it's original time (5 years ago)? Or will the time period keep on going forward? Also there's the tons of DC characters that could be introduced in the show.
But like I wrote up top, this information has not been confirmed but it would be awesome if that is 100% true because then there's a chance we get more seasons of this marvelously top-notch show.