Update: It's official, House will be back for an eighth season. See, we knew there was no reason to fret!
Earlier: A recent deal makes it look more and more likely that House really will return next season. Both Omar Epps and Robert Sean Leonard, whose contracts expire this season, are set with deals to continue through the eighth and likely last season of the Fox hit. This means the show's up-in-the-air renewal is more likely than ever.
In the face of lower ratings, the show's budget is decreased and Fox has been wary to sign a renewal deal for the show without first securing Epps, Leonard and Lisa Edelstein (whose contract is also up this season) -- two of whom will have to take a pay decrease. Edelstein isn't sealed yet, but it's likely she'll sign. This comes shortly after Leonard expressed his desire to move back to the East Coast and continue his career on Broadway, but it seems that one more year with Dr. House is what's important for now (plus the fact that he's the only one not taking a pay-cut out of this trio probably helps).
With these guys in place, Fox is free to make a deal with the show's producer, Universal, and it looks like that deal should go down without a hitch. See, House fans? You will get closure! They won't leave you hanging. Don't you feel better now?