WARNING: The following contains spoilers for The Falcon and the Winter Soldier Finale, "One World, One People," now streaming on Disney+.
The season finale of The Falcon and the Winter Soldier brought the Disney+ series to a dramatic conclusion. A lot of fan expectation was paid off as Sam Wilson finally took the mantle of Captain America. At the same time, John Walker relinquished the title to take on his famed comic persona, U.S. Agent, and Bucky Barnes found some redemption for his crimes as the Winter Soldier. However, while fans were expecting to see many of these developments unfold, one revelation came as a shock and prompted a few fan theories akin to those provoked by WandaVision.
The finale confirmed that Sharon Carter is the Marvel Cinematic Universe's Power Broker. This wasn't too surprising in itself, as many fans predicted this. However, while fans may have accepted Sharon's shady dealings, seeing her remain on a villainous path after receiving an official pardon was probably not the arc audiences were anticipating. In order to explain Sharon's shocking mid-credits twist, some have speculated this is not the real Sharon; she's a shapeshifting Skrull. However, a look at WandaVision's track record for subverting fan expectations might suggest otherwise.
Throughout WandaVision's run, one of the most talked about characters was Mephisto. The catch was Mephisto never appeared. Given his role in the comics as the source of Wanda's conjured-up children, alongside the fact WandaVision saw reality-altering powers on a scale Wanda never exhibited before, many believed Marvel's devil was about to make his MCU debut. Fan theories cast Mephisto as just about every character conceivable, from Dottie, to "Pietro," to Señor Scratchy. Ultimately, it was revealed Wanda was behind the illusory world of Westview, thoroughly debunking these theories, and there is chance this could be the same for the "Sharon is a Skrull" theories.
There's certainly a more solid basis for the Skrull theories. The shapeshifting aliens have already made their MCU debut in Captain Marvel and reappeared on Earth in the post-credits scenes for Spider-Man: Far From Home and WandaVision. They are now set to take center stage in the upcoming Secret Invasion series, inspired by the comic event of the same name, which saw Skrulls replace many Marvel heroes in an invasion of Earth. It makes sense that the Skrulls, if on an infiltration mission, would take the place of individuals with access to sensitive information, such as Sharon. The theory would also conveniently explain Sharon's villainous intent to exploit her return to the CIA, but there are issues with this idea.
For a start, Sharon had been branded an enemy of the state following the events of Captain America: Civil War. While it's not clear when a Skrull may have replaced Sharon, the theory seems to suggest Civil War's more heroic portrayal was still the real Sharon, meaning the change would have happened after she became a fugitive. At this point, Sharon's exclusion from the Intelligence Community would have made her a far less valuable asset to the Skrulls.
Then there's the matter of how Sharon is plotting to abuse her pardon. The mid-credits scene sees her on the phone to an unknown associate, telling them to "start lining up our buyers" for access to government secrets and weaponry. If there's a Skrull faction at play with designs on conquering the Earth, it's unlikely their priority would be making a quick buck on the black market. However dangerous her actions could be, Sharon's motives seem too down to earth for an alien invader.
Possibly the biggest issue with this theory is that it would undermine a genuinely exciting and unexpected piece of character development for Sharon. The Skrull theory is used to explain away an uncomfortable but intriguing side of Sharon -- just as the Mephisto theories overlooked the significance of Wanda's struggles with grief in WandaVision.
It's rare to see an established, heroic character turn to an amoral path in the MCU, but in Sharon's case it makes sense. She had to watch as the Avengers she assisted in defying the law were awarded full pardons, while she was overlooked and driven into hiding. It should come as no surprise she lost her faith in law, order and heroic ideals. Her journey to villainy is the bleak inverse of Sam's embracing of the ideals of Captain America. Explaining away Sharon's actions by pinning them on an impostor and declaring the real Sharon incorruptibly good would overlook her pain and struggle, and it would deprive her of the far more interesting and complex arc she deserves.
Directed by Kari Skogland, The Falcon and the Winter Soldier stars Anthony Mackie, Sebastian Stan, Emily VanCamp, Wyatt Russell, Noah Mills, Carl Lumbly and Daniel Brühl. The entire first season is available to stream on Disney+.