'Party Down South' -- Hey Y'all ... We Got HUGE Pay Raises

Break out the Bud Light and the cheez whiz ... the cast of "Party Down South" is celebrating 'cause their network just folded like a cheap suit and they scored HUGE pay raises ... TMZ has learned.

As we've reported, the 8 cast members had demanded 1,400% pay raises -- from a measly $500 an episode to $7,500 -- but CMT refused to budge ... until now.

We're told everyone settled on a 400% increase -- to $2,000 an episode. But CMT sweetened the pot by giving the cast a ratings bonus, and it's likely they'll collect on it ... the show is the most successful ever on the network.

So CMT announced Friday the show is officially coming back for Season 2.

You know what that means -- more backyard pee parties!