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The wording is kind of all over the place, between the graphic, the article, the SI article it quotes. The SI articles details state:

Terms of the contract were not disclosed. Contacts within the company have confirmed it runs for the next year, at which point Alexander will become one of the industry’s most sought-after free agents.

Given that I'd say to err on the side of 'overworked graphic department at TNA' and that they have chosen to do their contractually allowed 1 year extension (similar to what they did with Deonna iirc). Given the announcement of this the morning after the flurry of ⏳tweets the TNA crew put out yesterday my mind is wondering a few different things.

Edit: Ok so to clarify both parties had to agree on it, so TNA is choosing to pick up his contract for 1 more year (per his contracts terms), and he is agreeing to it (hence the re-sign graphic, since he had to agree to it). So both are true lol.

Edit 2: From his wife: 'TNA extended Josh’s contract.'

Edit 3: Got it from Fightful:

"Fightful has learned that Alexander's TNA deal would have been up on February 14, which if the option year was not exercised, he would have been a free agent. As the deal was two years with a company option year, TNA picked that up. Alexander's current deal expires on February 14, 2025, at what point he'll be a free agent unless another extension is reached."