How Will Money Heist End?

As the final season of Money Heist approaches, Den of Geek ponders the fate of Netflix's revolutionary gang.

Masked figures in red jumpsuits from Netflix's Money Heist
Photo: Netflix

This Money Heist article contains MAJOR spoilers for Season 5.

For any fan of Money Heist, the upcoming final season is bittersweet. This global phenomenon has been one helluva ride. The Season 5, Volume 1 finale left us hanging on the edge of our seats with a brutal episode that broke our hearts once more. At the end of Season 4, we were shocked by the death of Nairobi (Alba Flores). But Season 5 Volume 1 was even worse. The death of Tokyo (Úrsula Corberó) was a twist that no one saw, despite ample foreshadowing. With that fatal stroke, Money Heist has set up its final season to be the wildest one yet. 

Season 5 Volume 2 is promised to be the final five episodes ever. Jesús Colmenar, the producer of Money Heist, has said explicitly during the TCA’s Summer Press Tour that this is “the end of Money Heist, which is quite a huge thing.” Many major questions loom over the final season, but there are two big ones: Will the gang get the gold? And more importantly, who will survive? The charm of Money Heist lies in its capriciousness. We’re never certain what might happen next. Nevertheless, Den of Geek takes a stab at what may lie ahead for our final episodes with the gang.

Will the Gang Get the Gold?

The Netflix Global Fan Event TUDUM released a teaser clip for the final season. In it, the gang argues over the disappearance of the Professor (Álvaro Morte), and it has sent them scrambling. What about the gold? Should they stick to the plan? At the beginning of Season 5 Volume 1, we learned that half of the gold has been melted down, but with the ensuing battle that was Volume 2, it’s not clear that they’ve made much more progress since then. The alternative is to abandon everything and run for their lives. What’s more, tensions are mounting between Lisbon (Raquel Murillo) and Palermo (Rodrigo de la Serna).  

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Palermo was part of the original planning of the heist years ago but his unrequited love for Berlin (Andrés de Fonollosa), coupled with his massive egotism, muddled his ability to lead. His instability caused Tokyo to usurp command. Tokyo was a force to be reckoned with and her absence will be sorely felt in the group dynamics of the gang.

Lisbon is the next logical choice to take over. She’s a former Police Inspector who turned over to side with the gang out of her love for the Professor. And as we’ve seen throughout the last season, the Professor confided in her, revealing many of his backup plans during their post-coital bliss. Without the Professor, the gang is running blind. Maybe Lisbon knows something no one else does. Maybe the Professor has another contingency plan. He always has in the past. Regardless, the intensifying power struggle within the gang will surely explode as everything falls apart in the finale. 

Hopefully the gang will get the gold. The triumphant scene in Season 2 when the gang escaped the Royal Mint after successfully completing the heist was such a relief. All their suffering was worth it. And if they fail in this second heist, the deaths of Tokyo, Nairobi, and the other gang members will be in vain. 

Who will narrate?

Tokyo has served as the narrator of Money Heist throughout the entire series. With her gone, who will be the guide to the innermost thoughts of the gang? Will she continue to narrate from beyond the grave? Certainly, Money Heist won’t be the same without Corberó’s sultry voice putting things into context, even if it was from her own warped perspective. 

Money Heist has managed to preserve at least one deceased character through flashbacks. Berlin (Pedro Alonso) died in Season 2 but has continued to have as much screen time as most of the rest of the cast throughout the remainder of the show. He has been a key element in revealing the convoluted backstory behind the Professor and the planning of the heist. 

However, Tokyo doesn’t have that much backstory with the gang. As we saw in Season 5 Volume 1, she was recruited for the gang while on the run after a failed bank robbery resulted in the death of her lover and accomplice René (Miguel Ángel Silvestre). What’s more, we were anticipating more flashback scenes with the late Nairobi, but Flores only reappeared in the role for one scene in Season 5. 

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Tokyo leaves a gaping hole in the cast, more so than any other, because she was such a central figure. She was the freaking narrator. Her voice set the tone of the show and without her, Money Heist is forever changed. Notably, Season 5 Volume 1 has radically changed tones from the previous seasons. Inside the Bank of Spain has become a war zone, replete with full-auto firefights and fiery explosions. There were contrasting calm moments – the backstory flashbacks of Tokyo and Berlin – but overall, the last installment literally blew up everything, including Tokyo. 

The final season better find a way to keep Tokyo involved. She was one of the most engaging characters of Money Heist and it’s hard to imagine the show without her. 

Will Sierra Flip?

Now that Inspector Sierra (Najwa Nimri) has had her baby, will she lighten up? Her pursuit of the Professor has been psychotic, but now that the Professor saved her and her baby’s life by helping with the delivery, maybe her attitude will change. Motherhood will do that, even in a hostage situation. Colonel Tamayo (Fernando Cayo) threw her under the bus by putting all the blame on her. Sierra has nowhere to go. After the Professor showed her mercy, she relinquished her bullets to Marseille (Luka Peroš). Perhaps she’ll see that going in with the gang is the way she can have a good life for herself and her baby. 

If Lisbon can flip, so might Sierra. We’ll know for sure when she adopts a city-name alias. And hopefully, she names her baby Tokyo. 

Rafael to the Rescue?

Season 5 Volume 1 spent an inordinate amount of time dwelling on a tangential backstory about Berlin indoctrinating his estranged son, Rafael (Patrick Criado), into a life of crime. Surely Rafael will come into play somehow. After all, what would the point of introducing Rafael be if he doesn’t have a role to play in the final season? That would be an excessive red herring, even for Money Heist

Perhaps Berlin had a contingency plan for the heist that somehow involved Rafael just in case the heist went sour. Perhaps Rafael will recognize the handywork of his dad and his uncle, the Professor, and will come charging in like the cavalry when all seems lost. Like with Sierra, we’ll know for sure if Rafael earns a city-alias name. 

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Who Will Find Love?

As absurd as it seems, Money Heist is full of star-crossed lovers. The Spanish-produced series is achingly romantic, reeking of Latin lovers and passionate tribulations, addictive dramatic counterpoints to the action. As Tokyo said, “In the end love is a good thing for everything to fall apart.” Remember it was Tokyo’s love of Rio (Miguel Herrán) that propelled Season 3 and got the gang back together. The Bank of Spain heist was a distraction to spring Rio from the clutches of Sierra’s torturous interrogation. In the same vein, it was the Professor’s love of Lisbon that led him to orchestrate her elaborate prison break. 

But what of Denver (Jaime Lorente)? After falling for Stockholm (Esther Acebo) when she was a hostage, and having a son with her, Cincinnati (Luca Anton), a confusing love triangle has emerged. His childhood friend Juan is trans and joined the gang as Manila (Belén Cuesta). She confessed her love for him towards the end of last season. Denver is confused, and either Stockholm or Manila will get their heart broken, if they survive. And what of Palermo’s undying love of Berlin? Will he finally join his love in death?

Who Will Survive?

Here is the most challenging question for the Money Heist finale. After the deaths of Nairobi and Tokyo, clearly no one is safe. The Professor could die. The whole gang could die. They could all become martyrs for the revolution. 

Money Heist has already gone so many uncharted places. Executive producer and screenwriter Álex Pina has no compunction to go diving off the edge with the story, so there are no guarantees of a happy ending. This could end very badly for the gang. That level of suspense is what makes Money Heist so bingeable. 

We’ll just have to wait and see.

Money Heist Season 5 Volume 2 comes to Netflix on December 3rd.

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