It was 100% due to COVID-19. If not for COVID-19, there would have been a season two. I don't think you comprehend the financial loss COVID-19 created. When the league was suspended, the XFL still owed significant sums of money on it's stadium leases, and many, many other contracts, but no longer had any revenue to pay it. No fans in the stands equals no revenue from ticket sales, and no games on television means no advertising revenue from sponsors. The multitude of millions of dollars of debt mounted very quickly, and the league's calculated budget was a complete bust. In addition, the WWE suffered tremendously from a lack of revenue due to COVID-19, and the WWE's profitability was directly tied to the XFL. Without enough profits generating from the WWE, Vince couldn't afford to financially back the XFL anymore.