As detailed in a Deadline report announcing Megan Boone's departure from "The Blacklist," the decision to continue the series without her was made mutually and ahead of the series' Season 9 renewal that came in January. The "Blacklist" writers were thus able to write a definitive end for Elizabeth with the advance notice. The Season 8 finale will be Boone's final appearance on the series.
Deadline also detailed the final two episodes of "The Blacklist" Season 8, which are titled "Nachalo" and "Konets," and mean "Beginning" and "End" in Russian. The former is set to answer questions about Red and Elizabeth that have been lingering since the series' earliest days. While no details have been released about the latter episode, its title seems to refer directly to the end of Elizabeth's story arc. Barring any unforeseen circumstances, Spader will be returning for "The Blacklist" Season 9, so whatever Elizabeth's ending may be, Red's death is unlikely.
Though Boone hasn't yet given a concrete reason for her decision to leave "The Blacklist" beyond detailing when the decision was made, Deadline reported that Boone "is plotting her next move," so the future of her career may have been a contributing factor.