So upon Future Alisha's death, Simon has to travel back in time to make Past Alisha fall in love with the Past Simon, and Future Simon must take a bullet for the Past Alisha so that she can stay alive in the past so that Past Alisha and Past Simon can start their relationship, but Future Simon has to die upon taking that bullet, to push Past Simon's confidence to become that hero in the future. So they are stuck in this time loop of Future Alisha dying -> Future Simon traveling back and creating the relationship in the first place -> and then Future Simon dying -> Past Simon training -> and Future Alisha dying again.
So my theory is: There is a picture of Alisha and Simon in Las Vegas in Future Simon's Apartment, yet in no episode do you see them go to Las Vegas, meaning this is still to happen, but how can that happen if both are dying in an infinite loop? I think, that the whole entire "loop" was a plot to turn Simon into a stronger heroic character and the person that Alisha falls in love with. I think that when Future Simon goes back to take the bullet he is actually wearing a bulletproof vest or has the power of immortality and he PRETENDS to die. So Past Alisha tells Past Simon about how he has to take a bullet for her in the future and he trains and becomes a brave person. BUT actually Past Alisha knows that Future Simon is secretly alive and they create a plan, in which the future Alisha also pretends to die, therefore making the Past Simon go to the Past as a hero. As soon as Past Simon goes back in time, Alisha and Future Simon pop out of their hiding places, and the paradox is gone. They get to live a wonderful life with each other, without either of them dying and Go to Las Vegas and rescue Nathan from the prison, so in theory the entire gang will be back together in season 5 (it was stated that Alisha and Simon will not appear in season 4).*