Will there be a season five?

Jump right to the point, don't you? Though there has been no official confirmation, I think it's safe to say that the answer is yes, if the show wants to reach syndication.

What's syndication?

Syndication is when a TV show is sold to other networks to be aired in time slots other than the original, official time slot and station. A good example is the rerun Seinfeld and Simpsons episodes you see dispersed all over the place.

Why does Dawson's Creek want to be syndicated?

Because this is where the money gets made. Until syndication, the cash flow to the show is not being garnered up as profit, but being used to cover the expenses of filming the show. In order for the show to make any type of profit, it must sell itself into syndication.

So why haven't they syndicated it yet?

You need 100 episodes for syndication. So far, Dawson's Creek is still pretty far away from that number. And they will not have 100 episodes by the end of season four. They will need a season five to reach syndication requirements.

Phew! I was worried. At least I'll get to see another season on the WB…

Not so fast. They need to film five seasons to reach syndication, but they don't necessarily have to air a fifth season on TV.

You lost me

I'll explain it like this. They need 100 episodes, but if the WB, for whatever reason, decided not to continue with the show next season, then it doesn't mean a fifth season wouldn't be filmed, it just wouldn't be aired.

What happens to the unaired episodes?

They become the equivalent of the "Lost Episodes of Dawson's Creek", and may or may not ever be seen when the show goes through its syndication run. However, rest assured that a fifth season will be filmed regardless.

What if the actors quit this year?

They signed six year contracts. They're with this thing until those six years are up, if the show should decide to go six years. After they reach syndication, there really isn't any reason for the show to continue financially, so who knows. It will definitely go five though. Or, you know, I'll eat crow.

What about the strike?

See the page on the WGA and SAG strike and its implications here.