Last season, FOX touted Sleepy Hollow as a hit series of the 2013-14 season and gave it an early renewal. How are things looking a year later, as we come to the end of the second season? Should the series be cancelled or renewed for a third season?

A supernatural police drama, Sleepy Hollow follows Ichabod Crane (Tom Mison), a patriot who was killed 230 years ago. He finds himself resurrected in modern day and partners with a female police lieutenant. Unfortunately, the Headless Horseman has also returned. The cast includes Nicole Beharie, Orlando Jones, Katia Winter, Clancy Brown, John Cho, and Richard Cetrone.

Sleepy Hollow debuted in September of 2013 to a very healthy 3.5 rating in the 18-49 demographic with 10.1 million viewers. The ratings dropped quite a bit over the course of the season — hitting a low of a 2.2 in the demo and 6.46 million — but it remained their highest-rated scripted series of the season.

Unfortunately, it’s been a very different story in season two. The premiere drew a 2.0 demo rating with 5.59 million viewers — a new series low. The numbers took a big dip in week two and have gotten worse as the weeks have worn on. A couple weeks ago, Sleepy Hollow hit yet another new low with a 1.2 demo rating and 3.87 million viewers.

Season-to-season, the Monday night drama is down by about 40% in the ratings — averaging a 1.6 in the demo and 4.58 million total viewers.

Will the show be cancelled or renewed for a third season? It could go either way. The network didn’t hand out an early renewal this time around and we likely won’t know the show’s fate until May when FOX’s plans for the 2015-16 season are announced. While Sleepy Hollow’s performance is way down, much of the rest of the network’s schedule is also struggling.

Their decision will likely depend heavily on what new shows they have in development that could be a good companion for Gotham — one of their two new successful series.

But, what do you think? If you ran the network, would you cancel Sleepy Hollow or renew it for a third season? Would you make any changes to attract new or past viewers.