Apparently, her contract could have been renewed but another company was offering her one as well. Plus Kate has mentioned it was very restricting. I'm starting to wonder if her contract was only for the body by Victoria collection, the clothing line, and the show as those were the only things she did. She's proved she can do swim based on her shooting with them prior to being named an angel and her recent work with Triangl.
Either way, her career is fine without VS. I'm more concerned why she hasn't walked Versace in so long.