It’s no secret that “The Rings of Power” is juggling a lot of characters. Some of these have had hidden identities that have been (thankfully) cleared up. We know that Halbrand and then the envoy Annatar were both Sauron in disguise. Love it or hate it, the Stranger is officially Gandalf. But even if the air has cleared on some major characters, there are likely still some surprises ahead. One of those is the real identity of the human Southlander, Theo (Tyroe Muhafidin).

Through two seasons, Theo has appeared to be no more than a made-up character for the show, but there are hints that he could end up filling the role of an important canonical character. One option is for him to become a Ringwraith. However, the more I’ve looked at things, the more I think that is too obvious an option — and one that doesn’t jive with where the character has come by the end of season 2. I think the more likely option is for Theo to become the King of the Dead.

Who is the King of the Dead? I’m glad you asked. Remember the green ghoulish group from Peter Jackson’s “The Return of the King” movie? Their leader is the King of the Dead.

The King of the Dead and his army are a fascinating little corner of Tolkien’s world. On the one hand, they’re a terrifying force that afflicts anyone and everyone who comes near them. On the other hand, they play a key role in defeating Sauron’s attack on Minas Tirith in “The Lord of the Rings.”

I’ve thought Theo could be the King of the Dead since season 1, and season 2 has only reinforced that theory. That said, like a lot of things with this show, there are plenty of adaptive and creative decisions that can make a direct parallel between “The Rings of Power” and the source material difficult. It’s possible to see where the showrunners could be setting Theo up for a run as the eventual King of the Dead, but we need to connect the dots. Here’s why the theory makes sense.

The King of the Dead is from the southern regions of Middle-earth

The first and biggest connection between Theo and the King of the Dead is the fact that both of them hail from Human groups located in the southern regions of Middle-earth. Theo starts as a Southlander living in the southeastern portion of the Middle-earth map — the area that becomes Mordor by the end of season 1.

The King of the Dead hails from a nearby region: The White Mountains, located in the south/southwest corner of the map. There, he is originally known as the King of the Mountains, a term Aragorn uses when he explains the origin of this mysterious group in “The Return of the King” book. The appendices of that book add that the Men of the Mountains lived in the White Mountains, the giant horizontal range that splits Rohan from Gondor.

Critically, Theo started season 1 living near but not in this region. By season 2, he’s living in Pelargir, which is just south of the White Mountains. As his displaced Southlander brethren settle in the surrounding region, this puts Theo very close to the precise place that the King of the Dead will haunt in the future.

Aragorn also adds the foreboding line that the Men of the Mountains “had worshipped Sauron in the Dark Years.” While this refers to a period in the future of “The Rings of Power” story when Sauron rises in continent-spanning power, it resonates with the Morgoth-worshipping backstory of the Southlanders from “The Rings of Power” story.

Theo is apparently a leader of Pelargir now

One of the issues with Theo becoming the King of the Dead is that, well, he would need to make a jump from random refugee to royalty. Season 1 didn’t give us much in that area, but season 2 was a bit more promising. At one point, Arondir (Ismael Cruz Córdova) actually calls Theo the “Lord of Pelargir.” There isn’t any context for this sudden title. Was there a vote? Did Arondir himself bestow some sort of nobility upon him? Still, by the end of the season, Theo is clearly in a position of authority in the area, and he’s representing the local Southlanders in conversations.

It’s also worth mentioning that thousands of years later, when Aragorn summons the dead in the books, he has them follow him to fight not at Minas Tirith, but at — wait for it — Pelargir. While this doesn’t directly tie in with the theory, building a backstory for Theo at Pelargir could be inspired by the limited information we have about the King of the Dead’s future story.

There’s also the fact that at San Diego Comic-Con 2024, showrunner Patrick McKay confirmed that Theo’s father will be revealed at some point. This reveal could easily be the factor that gives him a claim to rule as a king — but we have to leave that one alone until we have more clarity on who his father is.

Theo connects with Isildur

Another major element of the King of the Dead’s story is that he interacts with Isildur when he’s alive. Specifically, in “The Return of the King” book, Aragorn explains that Isildur brings a black stone from Númenor, adding, “upon it the King of the Mountains swore allegiance to him in the beginning of the realm of Gondor.” When Isildur goes to fight Sauron, the Men of the Mountains are scared of their former master and won’t come to fight (hence Aragorn’s future “fulfill your oath” stuff). This leads to Isildur cursing the group until they help his descendants at a future date, setting the stage for the “Lord of the Rings” drama to come.

At this point in “The Rings of Power” story, all of that is in the future. So far, Theo has been watching his peers making and keeping oaths, and he sees the importance of coming through on those promises — which sets the stage for potentially breaking one in the future. Isildur will eventually come back to Middle-earth, too, and when he does, it could make sense for the pair, who already have a rapport with one another, to engage in some additional oath-making to help one another take down Sauron.

Theo’s season 2 arc is pointing away from Nazgul territory

I want to take a minute here to refute the other most likely Theo character trajectory: his potential to become a Nazgûl. The Ringwraith possibility was more likely in season 1, when Theo was a bitter boy willing looking for ways to get back at his people’s Elvish overlords. But by season 2, that narrative changes. Now, he’s clearly moving in a more positive direction. He’s helping people, leading people, and looking out for those around him. These are kingly actions, not actions made by a selfish, power-hungry individual ready to accept a Ring of Power to work with Sauron.

Theo’s character has experienced trauma, but at this point, he has redeemed himself and is not leaning toward a slide into darkness. The fact that the betrayal of the Men of the Mountains comes from fear of Sauron rather than an active alliance with him is a much better fit for Theo’s personality at this point in the story.

What does Theo’s eventual identity in The Lord of the Rings mean for him if this theory is true?

So, what does it mean if Theo does end up being the King of the Dead? I can tell you one thing: It’s going to be a tragedy of epic proportions. If this is the way things go, we can expect to see Theo continue to rise in power and importance in southern Middle-earth politics over the next couple of seasons. He’ll become a king, establish his people, and continue to cultivate his relationship with Isildur and Númenor.

However, toward the end of the series, if the showrunners follow the books, we should expect a breaking point. Whether Theo personally chickens out or his people won’t follow him, if he’s the King of the Mountains, there will come a point where Isildur calls for his aid only to find that Theo’s people have abandoned him in their very hour of need. The fallout will include epic curses and a miserable, ghoulish existence that drags on for thousands of years before Aragorn comes along and frees the Men of the Mountains from their earth-trapped limbo. Of course, this is still all speculation that assumes Theo actually is the King of the Dead. Here’s hoping we get more clarity on the Southlander’s role if and when “The Rings of Power” season 3 rolls around.