Seven Years On, The Boys' First Villain Holds the Key to Homelander and Butcher's Endgame

Seven years after The Boys blew up Prime Video, we are finally in the home stretch. Season 5 is the endgame, and surprise: the show just yanked its original puppet master back onto the board. Stan Edgar is back, and he might be the one who decides how Homelander and Butcher go out. Spoilers ahead for Season 5, Episodes 1-3.

Where things stand right now (Episodes 1-3)

• The Homelander–Butcher war is still the spine of the series: two extremists, two clashing worldviews, and one giant supe vs. non-supe mess that has to end this season.
• Homelander has gotten desperate enough to wake Soldier Boy and start hunting a throwback formula called V1, an early strain of Compound V.
• Butcher has gotten even more reckless: he is leveraging Ryan to get what he wants and he is ready to unleash the supe-killing virus even if it takes him and some friends down with it.
• Soldier Boy survives exposure to the virus because he has V1 in his system, which sends The Boys looking for answers about that original blend of Compound V.
• Enter Stan Edgar, the show’s first Big Bad and Vought’s ex-kingmaker, who resurfaces in Episode 3.

So why Stan Edgar now?

The Boys track Stan down for intel on V1 after realizing Soldier Boy’s immunity is the key to surviving or stopping the virus. The series neatly folds in the Gen V Season 2 crossover where Stan met Marie Moreau as connective tissue here. There is a short-lived truce: they want his brain; he wants leverage. It does not last.

The plan to use Translucent’s son, Maverick, as a weapon backfires. Stan flips on them almost immediately. Then The Deep nabs him and drags him back to Vought. Stan and Homelander have their first face-to-face in a long time, and just like that, Stan is back in the center of the board—with Homelander holding the leash. Not ideal for anyone who enjoys living.

Who does Stan help: Homelander or Butcher?

On paper, Stan is now the tiebreaker. He knows V1, and both sides need what he knows. The problem is he has no reason to help either of them.

Homelander is the reason Stan got booted from Vought in the first place. Butcher is the guy who killed Stan’s adopted daughter at the end of Season 4. If you are trying to game out his headspace, that emotional math tilts away from Butcher—and Episode 3 literally ends with Stan in Homelander’s custody, which gives Homelander both access and leverage.

That said, Stan could stall or sabotage. If he refuses to cook up V1 for Homelander—or fakes it—he could tilt the odds toward The Boys and benefit from Homelander’s downfall. But Stan is not a martyr. If Homelander offers a path back to power (and Stan’s grudge against Butcher is raging), Stan could just as easily side with the cape. It is a genuine coin flip, which, honestly, is the most The Boys move possible.

Even if someone 'wins,' nobody wins

Stan’s chat with MM in Episode 3 is the clearest tell about where this is headed. MM clocks that Stan still wants his old power back—climbing right to the top of Vought again—and Stan does not pretend otherwise. He also lays out a pretty cold worldview: if they wipe out supes, something else will just replace them. The power vacuum never stays empty.

So even if Season 5 answers the Butcher vs. Homelander question—and it has to—the bigger machine keeps grinding. The show is already heavily hinting that both men might not walk out of this alive, especially if Stan’s moves help the team spread the virus. And no matter who he helps, Stan is still a villain by design: self-preserving, opportunistic, and perfectly happy to profit off the same systems everyone else is dying to dismantle.

Bottom line

Season 5 has a few episodes left to land this plane, and now Stan Edgar is in the cockpit with Homelander breathing down his neck. Whether he stalls, sells out, or plays both sides, he is the swing vote. Do not expect a clean victory. Expect a mess—and Stan smiling through it.