Homelander wins, everyone else dies, they all just get merc'd in a man baby rage. Given how similar some aspects of the show are mirroring our current political climate, it'd be on the mark. I just can't imagine any other satisfying end. What, Kimiko is suddenly going to tit beam blast Homelander as revenge for Frenchie? Soldier Boy gets sprung and does it? Sage comes up with some mcguffin? Marie comes in from no where with the steel chair? Ryan been juicing off screen and comes in for round 2? They pop the virus anyways cause they have no other options and surprise, it works, v1 did fuck all for Homelander's immunity? Just nothing at all is going to feel earned. So screw it, he wins. Hughie was right, they lost, it's just that no one else saw or accepted it.