Mischief Managed

Loki finale theory: the true villain is hiding in plain sight

Keep your friends close and your enemies closer.

Loki is drawing to a close, but we still can’t put a face to the mysterious villain Loki and Sylvie are fighting.

So far, the TVA, the Time Keepers, and even the smoke monster within the Void have all been false fronts disguising the identity of whichever entity or individual is actually controlling the Sacred Timeline. Who could this lofty figure be?

One Marvel theory suggests the true culprit is none other than a fan favorite.

YouTube channel New Rockstars released a video breaking down Easter Eggs within Loki Episode 5, including a reference to an old fan theory that could reveal a huge twist. It’s a bit complicated, but hear me out.

While the variant Lokis are drinking boxed wine (or Ecto-Cooler), they swap tales of their various victories and failures. Classic Loki says he escaped Thanos using his illusion-projecting powers to create a false version of himself, while his true form skulked away disguised as debris.

Some fans believe Loki’s death scene was all an illusion.Marvel Studios

This is a reference to an old Infinity War fan theory, suggesting a floating piece of debris in Loki’s death scene could be the Trickster God’s true form and meaning Loki faked his own death. While that theory may not be canon for the Loki, it’s now canon for a Loki.

Later, Classic Loki chooses to stay in the Void, rushing to Loki and Sylvie’s side to generate an entire illusionary city and aid their enchantment — even at the price of his own life. Yes, it certainly seems like Classic Loki is done for. We even see his scorched horned helmet. But is this the end of Classic Loki’s story? If there’s one irrefutable truth in the Marvel Cinematic Universe, it’s that nobody’s really dead until a body is shown, and we haven’t yet seen one here.

Was Classic Loki’s final stand a ruse?Marvel Studios

Classic Loki could have pulled his old trick again, faking his death in order to disguise his true nature: namely, that he’s the creator of the Time Keepers and the TVA. This is in line with comics canon, which revealed the final creator of the Time Variance Authority was a wizened old man known as He Who Remains.

Could Loki’s He Who Remains be... the Variant Who Remains? The only thing consistent about Loki and his variants is their unpredictability. Maybe Classic Loki has been able to survive in the Void for so long because he’s the one controlling the threat.

Loki is now streaming on Disney+.