Just my theory for the next game. Seen variations on some of these points but there's always been afew things missing. Let me know what you think and if there's anything I missed! And sorry in advance for the length. Strap in, its a long one lads. TLDR at the bottom.
So naturally, everyone knows the endgame of the first game. You go to Jötunheim, you see the mural of Kratos dying, then you go back to the house. You wake up years later and Thor turns up ready to start some shit. This theory picks up from there…
The game starts off with Thor taking off Kratos' hand (Look at the mural) and straight up killing him, with Atreus holding him as he dies. And since it seems to me that the mural shows a certain something coming out of Atreus' mouth, I think this immense grief will cause Atreus to sort of 'give birth' to Jormungandr the World Serpent since in Norse mythology, Loki is the father of the serpent. The serpent lashes out at Thor, but he does something to accidentally send him back in time. Thor then forces Atreus to go to Asgard and pledge his fealty to Odin as Loki, taking Mimir's head aswell. Atreus capitulates and plans his revenge on the Aesir from the inside. Meanwhile, Kratos finds himself in Valhalla and stays hidden from Odin thanks to the Valkyries he set free years earlier so that they can use Kratos to get their own revenge on the Allfather.
But as time passes differently in different realms, it makes sense for time in Valhalla to pass incredibly slowly, allowing the dead to basically never age despite being within Asgard. During this time, Atreus grows older and becomes more of a main player in Asgard in his mid to late twenties, having engratiated himself with the Aesir, even getting Mimir back to travel with him. Shape-shifting into a wolf and going under the alias Fenrir (changing the mythology a tad), he secretly enacts his plan by going to Vanaheim to find and return Freya's Valkyrie wings and fighting spirit to her (makes sense that's where Odin would hide them), and he goes to Svartalfheim to get a new god killing weapon forged by the Huldra brothers. By the time Atreus has all he needs, only minutes or even seconds will have passed for Kratos. With the help of the Valkyries, Kratos breaks out of Valhalla and starts to wreck shop on any Aesir that get in his way, maybe even gaining allies in the form of any gods that also seek to overthrow Odin. He reunites with Atreus and Freya (once again Queen of the Valkyries) to stop Odin.
The trio go all out and Kratos kills Thor and Odin, but starts the destruction of Asgard in the process. Turns out that Ragnarok isn't an event, it's a person. Kratos is Ragnarok. Freya tries to kill Kratos afterwards, but fails. The end times start and war breaks out between the realms as the game ends, setting up a third game where they go about setting it right, with Kratos becoming Tyr and reuniting all the realms as a god of peace, unity and hope. No longer a god of war.
TLDR; Kratos dies and goes to Valhalla while Atreus goes to Asgard and schemes to kill Thor and Odin as he gets older. We see the three Realms we didn't get in the first game, Freya gets her Valkyrie powers back. Kratos breaks out, wrecks shop and destroys Asgard, becoming the physical manifestation of Ragnarok and leads into a third game.
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