The main Event named Death of Time is the moment when the Godess of Time and Magic dies, as the first action - a divine being's secret first action - of Krunnke's Brother, which also kills his name in the process.
A major Event during the first campaign, Stolen Dreams, in which the main group is called to duty to put Time in the straight flow again. By the time the Story evolves more and we see other Gods actually taking action, this means a divine being can do a granted first action, but that usually makes the other divines free to take action too. A main character, which becomes a Godess, explains this is a chain action in which no one wants to act first.
This is a main theme on the play, and being the Trikumai worlds a mythic era group of worlds, people can turn themselves Gods.
Also, heroes become immortals.
New Gods are desperate to sustain their power, or they'll die in the process.
Old Gods are shown to gather with the new ones, and while some guide the new Gods, others see them as a brand new enemy. Not an example of that is given. In fact, there's not much to say about Ayasta the new Godess of Magic, unless she was a monk, of Ayya's heritage, who so decides to create the New Magic which would become more of a personal power, with body, mind and soul training. The excessive training would so free the new magikers from the Gods, even from her Will herself.
The one major rule on Godhood is that of Choice.
The Choice must be mortal's, and a God cannot interfere with people's Free Choice, or that would be so considered a first action, and other divines would also act by their interest.
One character becomes the New Godess of Time, and abdicates from Choice.
Nothing is said about what happens to a Dead God.