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This strikes me as something that really should be YMMV.
The description is probably at least partly to blame; it doesn't seem quite certain of what it's talking about. It goes on a digression about how this often happens to adaptations of a novel when they run out of original source material (it does mention a TV series that had new storylines written for it when it ran out of storyline based on the original novel, but I'm sure that in the vast majority of these cases, the TV series just finishes). Also, "compare 12-Episode Anime". Shouldn't that be "contrast"?
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TV Anime works in such a profoundly different way from US TV (much closer to the British model, though still with differences) that that last line should be omitted entirely.
Loser
I am not sure if a rename is needed, but I definitely agree that the description may need some work.
There is now a page action crowner for this trope here
. I included a rename option, but I wonder if this trope might need some other kind of change so I opted for a page action crowner rather than a single proposition one.
edited 31st Jul '11 9:00:36 AM by LouieW
"irhgT nm0w tehre might b ea lotof th1nmgs i dont udarstannd, ubt oim ujst goinjg to keepfollowing this pazth i belieove iN !!!!!1 d
World's Toughest Milkman
Is this supposed to be a snowclone of One-Hit Wonder? If so, I think it fails badly. The name sounds more like an analog of One Song Wonder, i.e. there only was one season (or one song). I'm not surprised it's seeing misuse under this poorly chosen name. One Hit Season Wonder might work. I dunno. Is this actually a trope?
Speaking words of fandom: let it squee, let it squee.
I voted not to rename because, has anyone got any idea what to rename it to? I don't think you'll get a name that hasn't got the same problem or else sounds like seasonal rot. Not meant to last. Second series slide? Maybe somone else can do better, but I think it needs more than rename. And if you do that than perhaps you should just keep the original.
Am I a good man or a bad man?
World's Toughest Milkman
Second Season Slide is already an improvement over the actively-misleading current name. Thanks for the suggestion, even if it was phrased as a claim that "we can't do better". 
As someone who's apparently propagated the misuse of the trope (the first four examples were all me), I support the rename.
The Other Troper
That's not a good reason to support a bad name. Just because you can't think of one doesn't mean there isn't one.
World's Toughest Milkman
In any case, it's starting to look an awful lot like concensus to rename, so we should start discussing options more seriously, unless everyone's happy with Second Season Slide.
Speaking words of fandom: let it squee, let it squee.
World's Toughest Milkman
I actually thought of that, but slump sounds a little too temporary. Still, I could live with it.
This trope seems unnecessary when we already have Seasonal Rot.
"If it ain't broke, don't fix it. And even if it is broke, just ignore it and maybe it'll be sort of OK — like the environment."
The Other Troper
I agree. I think we should outright merge.
I'm on the internet. My arguments are invalid.
Okay, I added that option to the page action crowner.
edited 31st Aug '11 12:39:49 PM by Embryon
"If it ain't broke, don't fix it. And even if it is broke, just ignore it and maybe it'll be sort of OK — like the environment."
Sophomore Slump is a pre-existing term... and an existing trope that looks a lot like this one. (It claims that the difference is that Sophomore Slump applies to shows that have a bad second season and better subsequent seasons, which seems like a) splitting hairs and b) The Same But More Specific of Seasonal Rot, if not c) falling victim to possibly misinterpreting the One Season Wonder name. However, if we keep that definition and distinction, I oppose most of the proposed titles for introducing potential confusion.) Neither are particularly well-linked (Sophomore Slump is 40/143, this one is 74/16) and neither seems to have gone through YKTTW, with both having been first crawled by the Internet Archive in late 2007.
edited 2nd Sep '11 5:46:14 AM by MorganWick
I took out the paragraph about intentional one-season shows (and the 12-episode anime mention).
There might be something worth saving here, namely the "renewed after a well-received first season, but cancelled after a very disappointing second season" aspect. But then, that only differs from Sophomore Slump in that examples of the latter go on to have stronger third seasons.
Whatever we do, I definitely agree that One Season Wonder is a confusing name.
"If it ain't broke, don't fix it. And even if it is broke, just ignore it and maybe it'll be sort of OK — like the environment."
I Thought It Meant a memorable character who only lasts a season - the intersection of One-Scene Wonder and We Hardly Knew Ye (and what a bad name that is), so I definitely agree that it has issues. I fail to see a real distinction between this and Seasonal Rot, though.
Loser
From what I can tell there is not really consensus support to merge One Season Wonder with Seasonal Rot. However, there does seem to be enough support for renaming the trope, so there is now an alternative titles crowner here. Feel free to add names as you see fit.
edited 4th Sep '11 1:21:59 PM by LouieW
"irhgT nm0w tehre might b ea lotof th1nmgs i dont udarstannd, ubt oim ujst goinjg to keepfollowing this pazth i belieove iN !!!!!1 d
Crowner swapped out as requested.
Hmm... Second Season Slide and Second Season Slump both sound like redirects of Sophomore Slump. We really need to think of names that suggest "good first season, terrible second season, then cancelled".
Edit: ...and I just realized that the cancellation can happen at any point during the second season, so there's that.
edited 4th Sep '11 8:46:16 PM by Embryon
"If it ain't broke, don't fix it. And even if it is broke, just ignore it and maybe it'll be sort of OK — like the environment."
Bump. Anyone gonna rename?
How about something like Dropped Second Season? To me it sounds more definitivly cancelled than Second Season Downfall and not so much like Sophomore Slump. Second Season Dropoff? Failed Second Season?
[The rest was unintelligible.]
I added those three to the crowner. I like Second Season Dropoff and Failed Second Season, but Dropped Second Season makes me think of a second season that is planned but never executed and/or aired.
"If it ain't broke, don't fix it. And even if it is broke, just ignore it and maybe it'll be sort of OK — like the environment."
Bump... any objections to calling this?
"If it ain't broke, don't fix it. And even if it is broke, just ignore it and maybe it'll be sort of OK — like the environment."
Crown Description:
Previous crowner
showed consensus support for a rename.
One Season Wonder, as troped, indicates a series that survived its first season, only to take a nosedive in quality in subsequent seasons because the showrunners weren't expecting to survive the first season.
Problem: It seems people are using One Season Wonder as if it were either Too Good to Last or Short-Runners. I myself have heard the phrase One Season Wonder as a synonym for a cult classic that only lasted one season, so the confusion is there. So I did a cursory check for misuse on the first four pages that link to it (the punctuated titles):
So it looks like we may have a misuse problem on our hands, probably due to the name and how it's used outside the wiki.
edited 31st Jul '11 12:15:12 AM by IlGreven