Yeah, it gets put on hold for 45 days at which time it can be renewed. If it isn't renewed with that 45 day window, then it gets listed as "expired" and the owner still has another 30 days to renew it.

Once it goes beyond these two phases, it enters into the "pending delete" phase at the end of which, it's released and open to get hijacked by someone else.

They still have plenty of time to renew it without issue.