King is not dead for many reasons:
- Like someone said before me, Onigashima was already over the mainland when he fell.
- Even though he lost half a wing, his other wing still slows down the fall. If you look at the sequence of his falling panels, you can see that he actually spins down, not falling straight down like a rock.
- Unlike the other All-Stars, who had their stories in Zou and Udon prison, King remained a mystery almost to the point of his defeat. His story, and the story of his race, are yet untold.
- King is a Lunarian, from a very durable race, and haven't lost a fight in decades until now. The only thing we know about his durability is that his fire protects him, but there could be more about him that we don't know. His race was called gods for a reason.
- Now let's look at his wounds: 3 swords -> 3 cuts. My guess is that the strongest sword, Enma, was the one that cut his wing. The other two gave him one vertical and one diagonal slashes. They weren't as deep as the cut on his wing. If you look at the first page of chapter 1036, you can see his blood splattering, but on page 3, correct me if I'm wrong, there is no blood on his chest. So he'll probably have a diagonal scar like Zoro, and a vertical one, but the wounds weren't deep enough to reach his heart or any other vital organ.
- When King was a kid in Punk Hazard, you can see he had a bandage on his throat. They actually tried to cut his artery and he survived.
- He used to believe in Joy Boy. True, he gave up his legend and his dream for Kaido, but will Oda make him die just a moment before the legend he believed in came to life? Without being able to choose again which path to follow? I don't think so. I'd like to see him change, like so many other villains before him, and find a way to follow his long lost dream again.
- King's origins are from the Red Line. There are quite a few hints that something will happen in the future at Mary Geoise. King must be there when it happens, to fight to regain his homeland.