The show's third episode dropped over 2m viewers from the initial double bill, but Wheeler insisted to Collider that NBC is still supporting the series.
"All I know is that they are really happy and they feel really good about it," he said. "They have been great partners. I cannot complain about the way they [have] supported the show and promoted the show, and the way they've supported me and the stories I want to tell. That's usually a good sign."
Wheeler added that while the first season will be mostly self-contained, a few story threads will be left hanging for a potential second run.
"I'm really sensitive to the fact that audiences deserve resolution in some things," he said. "I think some things will resolve in a pretty surprising way and, at the same time, we [will] throw open the doors to a number of new elements that will require The Cape to dive into."
He concluded: "I think we finish off telling one story, and then we set the table for what could be a long, bright future."
The Cape airs on Mondays at 9/8c on NBC.