No surprise here, NBC cancelled Undercovers so that leaves a wednesday slot open for a midseason show like The Cape.
I'm not an expert on TV scheduling so i will quote what The_GodfatherSJP said on the blue wiki :
"This leaves the 8PM Wednesday slot open for the midseason. Along with the Friday 8PM, Thursday 10PM, and Sundays 9PM through 11PM assuming NBC cancels The Apprentice (which it will, given its awful numbers Thursday Night), these are the open slots available for midseason shows. There are 3 half hour shows and 3 hour long shows premiering after January, or 4.5 total hours of programming for about 5 hours of TV time (assuming nothing else is pulled from the schedule, Chase may be next).
None of these hours are really optimal for a premiere for anything. Sundays will be weighed down by a reality TV show, Minute To Win It, and Wednesdays aren't watched much. Thursday is NBC's comedy night, and Friday's are a wasteland. Now, NBC could move an existing show to another slot to make room for its midseason shows (which obviously include The Cape, hence this post), but given the expanded season orders for everything else on their Fall slate, it's clear NBC doesn't think much of their midseason replacements."
As much as i'm awaiting to see The Cape, i don't think it's a good start to be "a filler" for another shows failure.
We will look closely at what NBC execs decide on the near future.