He's just reborn as a baby, it's complicated. Don't let it discourage you the show is very very funny.
I won't spoil anything but most of the story arcs are wrapping up and I'd prefer they go out on a high note as well. I'm glad they're getting one last season to tie up any loose ends.
For anyone that hasn't seen it there's a prequel movie of the same name made by the same people that's equally hilarious as the show and pretty much unrelated.
Colin would probably pedantically say that the show is a sequel to the movie, the prequel term describes movies/shows set in a time before an original work.