WARNING: The following contains detailed spoilers for The Falcon and the Winter Soldier finale, "One World, One People," now streaming on Disney+.
The Falcon and the Winter Soldier's finale sets up a clear future for its leads, with Sam taking up the mantle of Captain America and Bucky learning to make amends for some of the atrocities he unwillingly committed as the Winter Soldier. Sam is even set to come back to the big screen, as Marvel recently announced plans for a fourth Captain America film starring the winged hero.
But like WandaVision before it, The Falcon and the Winter Soldier also sowed the seeds of future storylines for the Marvel Cinematic Universe. Most of these are focused around new characters, with the introduction of Joaquin Torres, John Walker and Valentina Allegra de Fontaine. But Sharon Carter also made her return as the Power Broker, who the Flag Smashers initially stole their Super Soldier Serum from. Let's break down how the show leaves each of those characters, and where future films or series might take them.
Sharon Carter
Sharon Carter hasn't been a particularly notable character in her past appearance, showing up in Captain America: The Winter Soldier to spy on Steve and again in Captain America: Civil War to act as his confidante for the early half of the plot. At first, her cameo in The Falcon and the Winter Soldier seemed like just that -- something to give fans an update on a minor character from past films. But her role only grows as the series goes on, and its final episode reveals her to be the Power Broker, the villainous kingpin who rules Madripoor.
The Power Broker was originally Karl Malus in the comics, but Carter has usurped his title here. She's undergone a complete transformation from her character as presented in earlier films, and seems now to care more about amassing, money, power and influence. Her pleas throughout the series are mostly towards Bucky and Sam in the hopes of securing an amnesty for the crimes she committed in Civil War, and she succeeds in the finale. She's offered her old job at the CIA back, which immediately leads to her turning around and selling her new access to the highest bidder.
Valentina Allegra de Fontaine
Nick Fury is off in space with Skrulls, which has left the MCU with a severe shortage of mysterious government representatives. Tyler Hayward briefly filled that role in WandaVision but lacked any of Fury's pomp and circumstance. Valentina makes her first appearance in The Falcon and the Winter Soldier's fifth episode, where she offers some consolation to John Walker after his dishonorable discharge from the United States military. That appearance is brief and cryptic, but she shows up again in the series' final episode to give some hints as to Walker's future journey, dubbing him "U.S. Agent."
This leaves Fontaine as a sort of shadowy counterpart to Fury, acting on the behalf of some nebulous branch of the American government. If Walker ends up receiving his own solo project in the future, she'll undoubtedly be his handler, but it's also possible that she could be putting together her own version of Fury's Avengers. Walker does end up as the leader of the Dark Avengers in the comics, albeit only briefly. Regardless of the exact shape her future plans take, The Falcon and The Winter Soldier takes the time to set her up as a player in the MCU's political landscape.
Joaquin Torres
Torres is one of the first new characters introduced in the show, as a military contact/handler for Sam. He's who first puts him onto the tracks of the Flag Smashers, and he even gets a small hero moment where he tries to stop one of them at a bank robbery. From there, he has a pretty small role up until Episode 4, where Sam's wings are destroyed in a confrontation with John Walker. Torres offers to get them fixed up, but Sam tells him to keep them as he sets down the mantle of Falcon. While Bucky calls in a favor to get Sam new wings as he takes up the mantle of Captain America, that still leaves Torres holding onto a military-grade combat outfit.
This is no coincidence given Torres' character in the comics -- who just so happens to be the second hero to bear the name of Falcon. Unlike Sam, Torres was able to fly under his own power, due to experiments performed on him by Karl Malus. He serves as the Falcon to Sam's Captain America, though it's possible he could take a different path for his on-screen incarnation. He could strike out on his own as a lone hero, or even join a potential Young Avengers lineup. Torres is a fair bit older than those teens, but could easily serve as a mentor or contact for the group.
John Walker
Walker first appeared in the series as a prospective replacement for Captain America, and it's clear that he's meant to represent a vision of the idyllic hero more in line with the views of the establishment. He's a veteran like Sam or Bucky, but he's also the same "blonde hair and blue eyes" that the original Captain America was. He's in many ways Steve's dark reflection, with the same confident belief but not the same moral backbone.
However, while his story arc could have easily led him to a climactic final confrontation with Sam to battle over the mantle of Captain America, he instead joins him and Bucky to take on the Flag Smashers. There's even a particularly heroic moment for him where he stops a truck of hostages from going over the edge of a cliff. All of this seems to be aimed at making his character likeable enough to be a hero, albeit a dark and gritty one. This is further reinforced at the end of the episode when Valentina gets him a new costume and dubs him "U.S. Agent." This was his role in the comics, and it's likely future instalments will see him fill a similar niche as a superpowered enforcer for the more secretive parts of the American government.
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+.