Let’s start with the bad news. Noah Schnapp, the actor who plays Will, has been dropping hints like breadcrumbs in the woods. He recently said the final season is "very dark" and that Will "finally gets to be the main focus." Which, in TV speak, usually means someone is about to die tragically.
Plus, Will has been the emotional core since Season 1. He’s the one who feels everything. Writers love to kill the heart of the story to make the ending sting. Just ask Ned Stark. Or Bambi’s mom. It’s a classic trope, and Stranger Things loves its 80s movie references.
And let’s not forget the painting. In Season 4, Will painted a dragon for Mike, but it was really a metaphor for his own hidden feelings. If he dies, that painting becomes a tragic love letter. Talk about emotional whiplash.
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But wait! The Duffer Brothers are not complete monsters. They’ve said they want a "hopeful" ending. Killing the kid who’s been abducted twice would be like finishing a birthday party by setting the cake on fire. That’s too cruel, even for a show that loves to kill off side characters.
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Also, Will’s arc is not over. He just came out as gay in the 80s—a huge deal. To kill him right after he finally says, "Hey, I have feelings for you, Mike," would be a narrative middle finger. It would send the message that queer kids in horror stories must suffer or die. We’ve seen that movie. It’s called every horror film from 1980 to 1995.
Plus, the show has a weird thing about character symmetry. Will was "The Boy Who Lived" in Season 1. If he dies in Season 5, it breaks the magical pattern. It would be like Harry Potter dying on page 500—disastrous for morale.