After the penultimate episode of Daredevil: Born Again Season 2, "The Hateful Darkness," it's only a matter of time until Fisk finally outs Murdock as the Devil of Hell's Kitchen. However, even if Kingpin exposed the blind lawyer as Daredevil, the reintroduction of Danny Rand's Iron Fist into the MCU could easily save Murdock's secret identity just like he did in the comics.
With Bullseye protecting Governor McCaffrey from Fisk as his "one good deed," he's cut off the Kingpin's only avenue to retaining his power. On top of that, since Daniel Blake protected Ben Urich's niece from Buck, she's now free to expose Fisk for his part in the destruction of the Northern Star with the help of Mitchell Ellison.
Not to mention, fans already know Fisk won't be the mayor of New York for much longer thanks to the trailer for Spider-Man: Brand New Day. So, it's almost guaranteed at this point that Fisk will expose Matthew Murdock as Daredevil out of desperation or bitter spite. Ironically, not dissimilar to what Mysterio did to Peter Parker at the end of Spider-Man: Far From Home.
As for how Iron Fist could factor into all of this in Season 3, we have to look to the comics and one popular theory.
Murdock has been one of the few superheroes in comics to retain his secret identity, despite many close calls over the decades. However, the closest his time as a vigilante ever came to an end was when one of Wilson Fisk's lackeys sought the authorities, hoping to exchange this information for protection. Sadly, it would leak to the press, exposing Murdock to the world as Daredevil.
He denied the allegation for years until the police finally arrested him for obstruction of justice after a final push from Fisk. However, as Murdock sat in Rikers awaiting trial, someone else put on his costume and defended Hell's Kitchen in his stead. After escaping prison, Murdock discovered that the new Daredevil was Danny Rand, aka Iron Fist.
Danny had been covering for Matthew in the hopes that it would help sway suspicion that he was Daredevil, which eventually worked. But how would Daredevil: Born Again Season 3 translate this from the comics, while potentially covering other famous storylines?
Warning - The rest of this article includes spoilers for Daredevil: Born Again Season 3 and potential future events in the series.
The Battle for The Devil's Cowl
Mike Colter unintentionally revealed in an ill-advised Instagram selfie that, at some point in Season 3 of Daredevil: Born Again, Matthew Murdock will be maskless and wearing an orange prison jumpsuit. The most obvious implication any fan took from this was that Murdock's identity as a vigilante had been exposed, likely by the end of Season 2, and that he had been imprisoned for obstruction of justice.
Something that was always a risk if Murdock were caught, given how many cases he handled as a lawyer while moonlighting as a vigilante. If he were convicted, it would taint every single one he touched, which was one of Foggy's greatest fears before Bullseye killed him.
With the rest of the Defenders set to appear in Season 3 of Born Again, including Finn Jones' Iron Fist, it's an obvious theory among fans that Born Again will adapt this famous storyline from the comics as a way to clear Murdock's name and get him out of prison. However, it wouldn't be the first time that Murdock found himself behind bars.
Much later in the comics, Daredevil would accidentally kill a man and, Matthew being the devoted catholic he is, turned himself in to the authorities. While he was in prison, someone other than Iron Fist took up his alter ego: Elektra. She donned his costume and protected Hell's Kitchen in his place, doing her best to uphold his morals.
With it unlikely that Born Again will have Matthew in Rikers Island a second time, it wouldn't be a surprise if the show merged these two stories. After all, it can't be a coincidence that Elodie Yung is preparing for her return as Elektra, not to mention how The Hand has meraculously reformed after their destruction in The Defenders.
It'd even give Danny and the rest of the Defenders a proper rematch with Elektra, even if it ends up being a misunderstanding. It'd certainly be a progression for her character if she were trying to be better for Matthew's sake.