All Renegades is is a fan production, just like James Cawley's Phase II, that needed CBS's permission to create it, just like all fan productions legally do, since Star Trek is owned by CBS.
Personally, I don't see why it makes sense for the actors assembled for Renegades to do it unless it is a back-door pilot. A one-off like Of Gods and Men, sure, but an ongoing series? I know it can be a fun pass-time, even for pro actors, but that's a big time-commitment with no ROI.
Renegades looks like a cute little Voyager reunion (sans Mulgrew and Ryan) to me. It should be a fun little nostalgia fest, like Of Gods and Men was for TOS.
The "ongoing fan funded series with CBS' blessing" idea seems to me to be the same kind of wishful thinking that OGaM had - that it would become some kind of extra on Star Trek DVD sets.
As far as I'm concerned, Prime Trek's true continuation is the ongoing novels.