So far, both series have done a decent job on their own so all CBS would really need to do is just provide finances and oversight and guidance, perhaps from someone like Manny Coto. The problem is, of course, they will almost certainly wish to be more hands on than is really necessary. Still, I think it could work as long as CBS isn't too heavy handed. By the way, I suspect Phase II has a larger fanbase than you think.
Ooooo! Being replaced by Manny Coto would be delightful! Only when I am out on my ear will our fan series become really good and popular!
(For what it's worth, we've recently brought Mr. David Gerrold onboard as our "show runner.)