He's a good announcer, NXT is in good hands.

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Yes! This makes me happy. NXT is certainly in good hands.

The cool news is that he recently signed a contract with Bellator MMA and it sounds like that contract is still in place. So he'll be working for WWE and Bellator MMA... and calling the Mayweather vs McGregor fight. Seems like he's a lot better off now.
The new contract between Mauro Ranallo and WWE is for two years and replaces the previous contract that was set to expire in August. The key difference under the new contract is that he would be working with Triple H (who runs NXT) and Michael Cole (who produces NXT) and it would involve no interaction with John "JBL" Layfield and very little with Vince McMahon. Coincidentally, Cole and HHH were the ones who pushed for Ranallo to be hired in the first place for Smackdown in 2016.
Since the new contract is for NXT shows, Ranallo will now be working approximately 18-20 dates per year as opposed to the 75-80 that he was working with Smackdown, not including a dozen PPVs. With NXT, if there are updates needed on commentary after the original voice overs due to angle changes, Ranallo has a studio in his home in Los Angeles where he can do that, rather than have to fly all the way back out to Stamford.
Finally, Ranallo's contract is non-exclusive, which is unique among WWE announcers. He is able to and will continue to work for Bellator and Showtime boxing.
Like that his contract is non-exclusive. Huge drop in dates per year though, but that will be made up with the other places he'll commentate on.
Ranallo posted on his Instagram:
Pretty cool to have him back. Blatantly left because of problems on Smackdown, but it's good to see that he's over it enough and that WWE have found him a new job within the company. He's a good commentator, so I'm pleased.
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