Details regarding The Falcon and the Winter Soldier are leading fans to believe Baron Zemo (Daniel Bruhl) won’t actually be the villain, but it could be that he really is the one pulling the strings in the upcoming Disney+ series.

The second show on Marvel’s Disney+ slate in 2021 will unite Sam Wilson (Anthony Mackie) with Bucky Barnes (Sebastian Stan) for a fight that will take place after the events of Avengers: Endgame. Though Steve Rogers’ shield was put in the hands of Falcon, it will somehow be passed to John Walker aka U.S. Agent (Wyatt Russell) instead, who will take up the mantle of Captain America. Also set to appear in some capacity in the new series are existing MCU characters Sharon Carter (Emily Van Camp) and Zemo, the villain who orchestrated Cap’s fight with Iron Man (Robert Downey, Jr.) in Captain America: Civil War.

Related: All 25 Marvel Movie & TV Shows: Latest News, Announcements & Reveals

The story that Marvel is using for The Falcon and the Winter Soldier is a loose adaptation of an event that played out in the comics in the late 1980s, which is the time when Steve Rogers stepped down from being Captain America and was replaced by U.S. Agent. The difference here is that it’s Falcon, and not Steve, who will have to watch U.S. Agent wield the shield. Marvel is throwing Zemo into this story as well, but despite initial expectations that he’d be the villain, many now believe that despite his history in the comics, he may act an as ally in the battles ahead. However, what happened in Marvel’s original John Walker story and what is known about Zemo as a character indicate that he is indeed the villain Falcon and Bucky need to be concerned with in Phase 4.

Marvel’s Captain America vs. U.S. Agent Story Explained

Captain America US Agent The Captain John Walker comic

Zemo wasn’t really involved in Marvel’s U.S. Agent story, but The Falcon and the Winter Soldier could have borrowed from Red Skull’s role when writing him in, especially since Cap’s archenemy is currently off-world in the MCU. Red Skull was integral to everything that went down between Steve Rogers and John Walker, the man who the government appointed to be his successor. Red Skull, who had secretly infiltrated the government, developed a particular interest in the new Captain America and decided to use his power and influence to concoct a deep and calculated plan. He used his money to fund terrorist organizations like the Watchdogs and ULTIMATUM, which was led by Flag-Smasher. Both served as enemies of Walker during his days as Captain America.

Due to Red Skull’s meticulous planning, Walker was pushed to the edge by the challenges he had to go through as the Sentinel of Liberty. This was of course all part of Red Skull’s scheme, as he knew from the very beginning that if he went far enough, he could cause Walker to do something so horrible that it would damage Captain America’s legacy until it was beyond repair. Finally, the deaths of Walker’s parents gave Red Skull exactly what he wanted. Driven by bloodlust for those he deemed responsible, Walker began ruthlessly killing his enemies and was manipulated into fighting Steve Rogers, who felt that Walker had become a disgrace to the Captain America name. Following Walker’s defeat, Steve stopped the Red Skull and was reinstated as Captain America.

What We Know About Falcon & Winter Soldier’s Villains

Marvel's Flag Smasher in Falcon and the Winter Soldier

The trailer and artwork for The Falcon and the Winter Soldier have revealed that a group called The Flag-Smashers will appear in the Disney+ series as terrorists. This suggests that the “Flag-Smashers” represent Marvel Comics’ ULTIMATUM. If that’s the case, it would seem that Flag-Smasher himself is behind them, and that he will be the opponent Falcon, Winter Soldier, and U.S. Agent will have to contend with. As for why this person may not be Zemo, set photos have shown him walking and talking with the heroes. This has created the assumption that for some reason, he’ll be let out of prison and allowed to assist them in their battles. Based on this, many have reached the conclusion that the MCU’s Zemo will found the Thunderbolts in The Falcon and the Winter Soldier, and use them to help the main characters take down Flag-Smasher. In the comics, the Thunderbolts are a team of supervillains who do work for the government in exchange for their freedom. Batroc (Georges St. Pierre) a minor antagonist from Captain America: The Winter Soldier, is in the show, along with a character who closely resembles long-time Thunderbolts member Songbird. The presence of these characters is reinforcing the notion that the MCU is about to adapt Zemo’s Thunderbolts from Marvel Comics.

Related: Falcon & Winter Soldier Trailer Breakdown: 25 MCU Secrets & Story Reveals

How Zemo Could Be Falcon & Winter Soldier’s Real Villain

Daniel Bruhl as Zemo in Captain America Civil War

Zemo potentially leading the Thunderbolts and Flag-Smasher being in The Falcon and the Winter Soldier don’t mean that he should be counted as one of the good guys. After all, it wouldn’t be out-of-character for him to have some secret goal. Similar to the Red Skull in the comic book version of the story, he could be the man behind the curtain. Zemo may order the Thunderbolts to help Falcon and Bucky, but he may have ulterior motives. It’s important to keep in mind that the same was true of his comic book counterpart when he was in charge of the team in the late 1990s. He had them act like heroes, but his endgame was for them to gain the trust of the public, and then turn on them. This backfired when the Thunderbolts discovered that they liked being heroes.

Using the Thunderbolts to acquire trust could just be part of his plan. There’s also the Flag-Smashers. The Red Skull used the Watchdogs and others to fight U.S. Agent, and that may be what Zemo is doing with the Flag-Smashers. By the end of the series, Falcon and Bucky may find out that Zemo is funding the terrorists’ activities. His reason for doing so could be inspired by Red Skull’s intentions in the comics. Red Skull thought that the ultimate victory over Steve Rogers would be to destroy his legacy, and he thought he could do that by manipulating U.S. Agent. In The Falcon and the Winter Soldier, Zemo may intend to push U.S. Agent so far that he ruins everything that Steve accomplished as Captain America. If that happens, he could turn Captain America into a very different kind of symbol that’s not good for the country. That may be why Falcon will eventually have to fight U.S. Agent and take his rightful place as the new Captain America. But it may be that by the time he can do that, Zemo will have already achieved his goal, not unlike what occurred at the end of Captain America: Civil War.

More: Every Version Of Captain America In The MCU Up To Phase 4's End

Key Release Dates