Near the beginning of 2021, WandaVision was causing mass-theorizing amongst fans. The Elizabeth Olsen and Paul Bettany-led series let some fans down simply because of the own expectations they set in their own head.
The mainstream theory was that Mephisto was the villain pulling the strings from behind the scenes. Ultimately, Mephisto truthers were let down as the demon was never even mentioned in the series.
WandaVision double-downed on burning theories down to the ground when former X-Men star Evan Peters played pretended to play a different version of the same character he did in the Fox universe. Ultimately, it was just a meta Bohner joke.
In Loki, a similar situation may be brewing with fans believing Jonathan Majors' Kang the Conqueror is the one who created the TVA. Compared to Mephisto, the evidence for Kang is much greater, despite Majors only being confirmed for 2023's Ant-Man: Quantumania.
Is Kang the next Mephisto? Is someone else behind the TVA?
What if it was both?
KING LOKI AS KANG'S ASSISTANT
In some of the remaining footage from the finale in promotion for Loki, an armored "King Loki" can be seen saying "glorious" and sitting atop a throne. As the current story goes, it is hard to imagine the Tom Hiddleston Loki fans have been following five episodes into this series to suddenly obtain that kind of power.
This King Loki Variant may be the person Sylvie and Loki find in the finale, but he wouldn't be the final boss. In the scenario, King Loki is a variant who branched out of his reality, wasn't caught by the TVA, obtained incredible power, and was recruited by Kang.
Perhaps in this reality, King Loki took over the throne of Asgard and eventually was drawn to an even greater power: controlling all of time. King Loki may not even know he is being played by Kang, or this is another Thanos/Loki working relationship where Loki is set to do some of his superior's dirty work in exchange for power.
Loki's unique set of mystical skills may lend himself useful to Kang in the ultimate fight for time domination. In return, King Loki may get to watch the Avengers burn and the rule over Midgard (or an entire timeline).
In Loki this could lead to yet another Variant confrontation between Loki and Sylvie, this time leading to the end of their mischievous journey. This could mean Loki ends without a Kang appearance but only a name-drop that leaves fans starving for more.
Mobius will be convincing Reslayer to join the light side and burn the TVA down, Loki and Sylvie will take down King Loki, and at the end, it'll be revealed that Kang is the ultimate puppeteer and still in control.
An ending like this could lend to the theory that Loki will receive a second season. In this potential second season, if King Loki slips away he could be the main antagonist and Loki and Sylvie could continue their journey together.
Having a Loki Variant be the true villain of this season would also be fitting for a show that has been all about getting to know different Lokis and what it means to be the God or Goddess of Mischief.
If King Loki is real, he will be probably have reached his max potential. Just like Loki in Episode 5 learned how to Enchant with Sylvie, this King Loki Variant would likely have his mystical abilities mastered. This overpowered threat could lead to the demise of one of our heroes, or strike fear in the audience's heart at the fact that Kang is even stronger.
A King Loki Variant could throw many fans for a loop, causing chaos across the internet that Kang didn't appear, but also set up his reveal, much like Loki set up Thanos in 2012's Avengers.
WHAT IF KING LOKI IS JUST A DREAM?
The King Loki shown in marketing may not be all that meets the eye. In Episode 5, Sylvie mentions to Loki that "there may be a timeline for [Loki] to rule." This is an important look inside Loki's mind and what he really desires in life.
The 2012 Loki that was brought into the TVA at the beginning of this series wants nothing more than to rule over a world or many worlds. A glimpse at Loki walking inside the castle shown at the end of Episode 5 is shown in a promotion for the series.
This castle may have magical or advanced technological capabilities. These abilities could give Loki a look into a false dream reality where he is a ruling King Loki. This vision could be a defense mechanism used to deter Loki from his mission at hand.
A deeper look into Loki's head could make for an even more impactful finale. What if Syvlie and Loki don't even make it to Kang because they're too busy fighting themselves? Similar to when Wanda got into the Avengers' heads during Age of Ultron.
WHAT IF LOKI BECOMES A KING?
Despite Loki's character development so far in this series, that doesn't mean he would turn down the chance at obtaining power when given the chance. This episode could serve as a King Loki origin story.
What if Loki and Sylvie do reach Kang and instead of taking him down, Loki joins him? If Kang kills Sylvie that could leave Loki in a delicate state, easily manipulatable especially when given immediate power and purpose.
This would give Loki a brand new, complicated future in the MCU that pairs him alongside the greatest new threat to Earth's Mightiest Heroes. A newly crowned King Loki working for Kang could also be used to set up a second season.
Kang doesn't necessarily need to kill Sylvie in order to convince Loki to join him. In the comics, Kang is a savvy communicator and politician, it's reasonable to believe a deal could be struck between a man out of time and a god.
Loki season 2 could revolve around Sylvie as the main protagonist joined by Mobius in a fight to reach King Loki and help take down Kang. This theoretical ending would be a major twist on the consensus amongst fans of what is going to happen but would give Hiddleston's Loki another glorious purpose to stay in the MCU.
If King Loki doesn't already work for Kang, maybe by the end of Episode 6 he will be.
Find out how Loki comes to a close on Disney+ July 14.