I doubt that Georgia would cancel any contract with the privates due to price. The State of Georgia estimates their own per diem cost to be in the high $50's; PZN/CCA's rate is in the mid 40's and the other private provider in Georgia, CRN, is in either the high 30's or low 40's. Either way, the privates' costs are significantly lower than the State, and Georgia has stated they need the bed space.
I'd guess that if there was any truth to PZN/CCA not renewing the Georgia contract, it would be because PZN/CCA had another source of inmates in mind. I hear that Georgia can be difficult to deal with sometimes.