I was about to post this topic and then did a quick search, lucky I didn't post a new one I guess.
Anyway, as far as I know, they're looking elsewhere for the lead at the moment, to exhaust their options. Reynolds isn't a guarantee, which doesn't particularly bother me. He would've made a good Flash, but there might be someone even better out there, so meh. It raises the question of whether or not they would follow Barry's time period or Wally's.
They better not fuck with the villians. I don't want to see Wally West fighting Digger Harkness (in his prime), or some stupid shit like that. Flash has some of the most awesome villians out there. Mirror Master would be mad to see.