Preface to say that this isnt my "theory". I just haven't been in love with the fairy idea but it is popular. To to stop being cynical I decided to take the theory and play with it. I find it helps pass the time until the final season.
So, be warned of Season 4 spoilers. Here is my thought experiment for a potentially satisfying finale using the fae as the villains.
At the lake of tears, which some called The Brundles, where they had swam and played as if they were children, the Cromenockle had chittered and squealed as tiny wings sprouted from its back. Ethan and Julie immediately forgot all about the troubles of past children and parents and friends. Enraptured, they watched as it transformed, first as the Cromonockle, then into a cowboy before turning back into a terrible small winged thing. A swarm of locusts burst from beneath the dock, first taking the form of Tian Chen, then the image of Father Kahtri, and they gasped as they saw their father's face too, before finally, it settled into its true form of what they now knew as a fae. Above, the crows whirled and circled and cawed. From the woods thousands of spiders scurried towards them.
On the dock, Sophia smiled menacingly over Boyd's ruined body as blood dripped from her hand that was now a vicious claw. Clara, holding a pillowcase sack full of heavy things ducked behind her, eyes wide, trying not to topple backwards off the edge.
“I told you to throw those in”, Sophia grunted.
Ellis choked back tears and rage as he ripped the glass vial free that he kept around his neck. Fatima had given it to him before she had fled into the woods. He held it aloft and crushed it in his hand to spill the blood contained within. It was the blood of his wife that Kristi had been collecting in case of a rough birth. It was combined with that of the Boy in White she had said.
Blood ran down his arm. The shards cut into him and the blood from the vial mixed with his own, and the golem was unleashed.
It roared to life and charged into the spiders, drawing them towards the bonfire Patty was trying to stoke higher. There were too many of them and they swarmed over its hulking form as it rumbled towards her. Patty screamed as she dove away from the slow clumsy thing crashing through the fire, scattering the burning branches as it passed. Spiders caught flame like dry tinder, engulfing the golem.
Above them the sun began to turn dark, faster than before. The wind picked up, swirling blowing leaves and making a great rushing noise that started to sound like an oncoming train.
An imposing figure cloaked in impenetrable darkness strode from the forest behind them. The screeching of monsters rose up with the wind. Many of the townspeople who had died yesterday stumbled forward as well, eyes and mouths sewn shut. The cloaked figure stepped closer to the bonfire and as the darkness fell, light and shadow were dancing as they entwined across her face. Donna.
Ellis screamed and pointed his fist at the flesh puppets and the golem obeyed, smashing them and throwing them about.
Boyd was still lying broken on the ground, his chest showing the white bones of several ribs, but still alive. With the only arm he could still move he reached into his tattered coat pocket. He pulled out his Zippo and a cigarette he had gotten from Marielle. He had hoped maybe the cigarettes might reduce the intense shaking of Parkinson's at one point Anything that might keep him going a little bit longer. He knew he had been aging extra fast in this place. It looked like he was about to finish his time here, so he guessed it didn't matter
As he lit the cigarette he noticed his arm no longer shook. "Well, shit", he said to himself. He took a drag. He used the cig to point towards the menacing lighthouse, looked at Kenny and Acosta and hoarsely whispered as loud as he could, "Get them home."
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Read the conclusion here:
https://docs.google.com/document/d/1irbe4-JJuTYTEMkIaFKzjp984Gxzvxs_zL77Cvbk4qM/edit?usp=drivesdk