WARNING: The following contains spoilers for What If...? Season 1, Episode 3, "What If... the World Lost Its Mightiest Heroes?," now streaming on Disney+
What If…? Season 1, Episode 3, “What If… Earth Lost Its Mightiest Heroes?” ends with the Avengers’ first and most enduring foe reigning triumphant. Without Nick Fury’s idea reaching fruition, the God of Mischief simply cuts a deal and marches the armies of Asgard onto Earth, finally becoming the ruler he always dreamed about. With the heroes he hoped to recruit all gone, Fury has no choice but to let it happen.
However, as the Watcher reminds viewers, hope springs eternal. Although the Avengers from the "prime" Marvel Cinematic Universe have been decimated here, they are far from Fury’s only options, and the future events in the MCU promise bad news for Earth’s new ruler.
Loki’s arrival on Earth differs significantly from that of the prime MCU because Pym kills Thor before the God of Thunder can expose Loki’s ruse to become ruler of Asgard. Armed with the Casket of Ancient Winters and the loyalty of Asgard, he arrives on Earth demanding his brother’s murderer or he'll lay waste to the entire planet.
While Loki may hold some residual guilt for his brother’s death, it’s certainly not enough to stem this ambition. He has Asgard, and it’s reasonable to assume he conquered or destroyed Jotunheim, as he intended to do in the original Thor. Adding Midgard to his empire might be too tempting to resist, and with Odin likely still in his deep sleep, his ambition might know no bounds.
That, however, fails to account for a number of coming variables, most of which Loki has discounted or doesn’t know about. For starters, the "new" Avengers led by Steve Rogers and Carol Danvers look poised to take him down. Even if those two have to take him alone, they both possess keen tactical minds, and Captain Marvel’s powers could make short work of even an Asgardian army.
Other forces are in play as well. Wakanda, for instance, may choose to end its isolation to stop his tyranny, and with the Black Panther in command of their forces, Loki may have a serious problem on his hands. The same principle applies to Asgard. Sif, Heimdall or any number of other Asgardians may pick up on his deception. Plus, if Odin awakens, he could end his son's plans.
Loki’s ace in the hole is presumably the Casket, which could easily destroy the Earth; however, it’s not the game-changer he thinks. Stopping Captain Marvel with it would be difficult, and SHIELD has the Tesseract at this point. Fury wouldn’t hesitate to use it, and with Thor’s new friends Jane Foster, Darcy Lewis and Dr. Selvig – the latter untouched by Loki’s mind control – Fury has plenty of hands on deck.
Even factoring all of that in, the presence of the Tesseract and the Time Stone – still presumably destined for Doctor Strange in a few years – would eventually attract Thanos’ attention. While an Avengers team that includes Captain Marvel might be able to face him, Loki certainly would not.
Still, it’s good to be the king, and Loki is happy with his new rulership of Earth. He may even credit himself with accomplishing the job peacefully, ensuring that Midgard can enjoy his glorious rule with no loss of life, but things change, and as much as he may think he’s there for the long haul, Earth's Mightiest Heroes have some powerful forces lined up, and they beg to differ.
To see Loki's fondest wish come true, the third episode of What If...? is streaming now on Disney+.