We are less that a week away from the finale of the MCU’s Loki on Disney+ and it might be fun to ponder who is actually running the TVA and is therefore the series’ Big Bad.
Spoiler warning just is case any of this comes anywhere close to happening next week. If you are concerned about possible spoilers, 1) thanks for your faith in my guesses, and 2) stop reading right now because this is all just for fun and I don’t want to ruin anything for anyone.

While very knowledgeable about the sacred timeline, concerned that The Avengers could screw it up with their time heist plan, and potentially observing Steve Rogers’ lovenest alternate reality, The Ancient One is least likely to appear in the Loki finale even though she is alive and serving as The Sorcerer Supreme at the time Loki escapes his reality.

Correction, I am the least likely to be running the TVA. Apologies to The Ancient One. Okay, let’s get on with it.

This TVA servant turned rebel is very unlikely to be the entity running the TVA, though I do suspect he will lead an army to the end of time to help the Lokis in the finale.

She is not running the TVA. I suspect she will team up with Mobius to “burn the place to the ground” and travel to the end of time to help the Lokis, completing her arc.

It is possible that Ravonna Renslayer could be running the TVA and face down the Lokis at the end of time. I suspect, however, that she is more likely to be revealed as an assistant to or lover of the main villain (the other “investigator” that Mobius teases her about). Alternately, she might just make things more difficult for the Lokis during the finale.

It is probable that some form of He Who Remains will be running the TVA at the end of time as he did in the comics. However, this being the MCU, I suspect this incarnation could take the concept of He Who Remains and combine it with one of the next few possibilities, making him an ancient version of one of the following characters.

In all probability, Miss Minutes will be a key element of the finale. Is she running the TVA? Is she an avatar of He Who Remains or someone else? Is she the Big Bad? I suspect she will be an assistant to the Big Bad and make things more difficult for the Lokis.

Classic Loki has a chance to appear in the finale mostly because Richard E. Grant killed it in the penultimate episode and if you sign an actor of his caliber, you use him as much as you can. Additionally, the idea that “Lokis don’t die” was repeated so often it feels like a hint. And finally, because it might pit Classic (villainous) Loki against New Improved (heroic) Loki, or, more probably, allow Classic Loki to save the Lokis one last time.

I am almost certain Sylvie will remain who she has become and face the Big Bad, whomever he, she, or they may be. One form of that could be an ancient She Who Remains that Sylvie has to battle while Our Loki fights ancient He who Remains Loki.

While all the talk is that Kang will appear in the next Ant-Man movie, it makes the second most sense that he is running the TVA to protect “The Sacred Timeline” that he has been curating by eliminating all others, the timeline where he has conquered all. He can even be in the form of He Who Remains and only hint at who he is and what is to come. However…

I believe it is most likely that the Big Bad will be the Sacred Timeline’s version of Loki. This explains why all other timelines have been pruned (to eliminate other Lokis, whom this Ultimate Loki would see as his only competition). More importantly, this allows new improved hero Loki to face off against his darker self, completing his arc by defeating Ultimate Loki utilizing the one power he has never possessed before – love.
What do you think will happen? Have some fun in the comments below, but be kind. Thanks.