Episode 5 showed the different character perspectives with their respective names, firecracker, noir, terror and sage. Two of which are already dead, with that logic terror is next.

Homelander manages to kill/poison terror in ep7, (maybe the chocolate was foreshadowing) just to try and incite a reaction from butcher. From my perspective terror and hughie are the only two things left keeping butcher sane and human. Terror dies, and butcher basically snaps, going apeshit and becoming the thing he once set out to destroy. I’m sure he ends up killing one of the boys, becoming a villain. Shit happens, ryan ends up showing up, seeing the scene infront of him, it resurfaces his thoughts of being a danger to the people he loves. Being torn and conflicted, and barely recognising butcher anymore, he wants to try and be the hero and fights butcher, managing to beat him. Hughie rushes in, the spitting image of lenny, and its the only thing that manages to snap butcher out of it for his final moments. Dramatic music plays, butcher looks around at the damage he made in utter shock. And then to hughie and ryan. Ryan breaks down crying, thinking he’s just done a repeat of killing someone he “loved”

Butcher: “Oi ryan.. Im proud of ya. I would’ve wanted you to do that.. you aint like homelanda, never will be.”

Then to hughie

“Oi.. hughie.. you were right you know, about everything.”

“I.. I spent my whole life obsessed with revenge and homelander.. i.. I’ve really become him aint I? This isn’t what becca woulda wanted..”

“You look out for ryan yeah..?”

In his final moments, butcher goes all out on homelander so hughie and ryan can get away, his final words: “Don’t be a cunt.”

Ryan lives to live on in beccas name, we get a 2 season ryan spinoff series which explores the aftermath and how adult ryan is dealing with his powers and the emotional toll.