I want to preface that I didn't have the time to make this look nice with images/sourcing, etc. There's probably more or less to this and others can support or refute the idea in the comments. Sorry for the wall of text in advance.
So this is a weird theory I've been sitting on for a while, and im certainly not the first person to think it, but I feel like its worth posting about before we know what happens to Kaido in the coming weeks.
I think its reasonable to assume Kaido will get hit by Luffy's punch. 1047 has set this up pretty much and with the resolution for Momo and the lanterns requires pay off. However, whatever happens after this is is certainly up for grabs. There are multiple theories and agendas being pitched for it (ZKK, Oars type fights, awakening, etc) and anything can happen, for sure.
The realist in me thinks it's probably almost over (to avoid being disappointed with my headcanon), but the idealist wants certain things to happen like everyone else.
That theory is this:
I personally don't think Kaido's awakening is directly occurring, but it's possible he may have another "form" so to speak. That being the question: is Kaido potentially " housing" Rocks somehow?
So of course I know this sounds completely batshit saying it out loud, but it's something I truly can't get off my mind at this time. There are some things that "seem" to support the idea of Rocks being a present threat (i.e. the person, not the crew), which I'll outline below, but really it's up to all of you to let me know what you think.
1. Oda teased the Lurking Legend and it being related to Whitebeard (i.e. probably Rocks), as well as being the hardest enemy Luffy would face yet.
This is the bread and butter of the whole thread. I still do not understand Oda's words here. The Lurking Legend comments in 2017, prior to Wano:
Now one argument can be made that this is supposed to be tied to the endgame or tied to Im. It possibly can be, but whats bothering me is Oda specifically says it's tied to Whitebeard, which seems to discount Im unless Im is potentially Rocks himself and not hundreds of years old (though I don't personally agree with this theory).
However, depending on what you take from this post, you may come to a different conclusion about Rocks.
2. The lack of a Kaido flashback of that time period when Rocks fell.
Its been 140 chapters, and Kaido's past still as not been addressed. We got the "loosest" of hints during 957, and again in 1041, and yet still nothing on the "supposed end" to Kaido.
However, I'd say the lack of a FB at this point is almost purposeful in the end. Why wait this long? What is it about Kaido's flashback or Rocks' fate that is so secretive? This leads to....
3. Lack of discussion/references to Rocks' actual fate.
Big Mom in chapter 999 only mentions the fall of the crew. Sengoku doesn't actually say "death" of Rocks, just that he's "no longer in this world". Is the man dead or alive?
4. Oda, editors, and anime directors saying Wano's ending is "surprising".
Even one anime director (either on accident or purely jumbled words on translation) saying Kaido isn't the "final" enemy of Wano.
Editors have gone on record mentioning that the ending is "unexpected" by One Piece standards (I assume).
5. Kaido seemingly knowing he's not Joyboy in direct comments he's made to Luffy and King
Heres a weird one. Years prior, it seems thar Kaido himself was surprised by King's words, but clearly in the present to Luffy, he also does not believe hes Joyboy. However, Kaido is still very confident that he's the man who can/will change the world. Why is this? What does this signify?
@Bounty especially has a lot of evidence that shows this, but it's VERY odd that none of it still has yet to be addressed in a fight climax.
There are other things like Garps initial comments about Rocks (that seem to imply a bigger deal than just 2 Yonko teaming up, which we know now didnt even combine their crews), or the fact that that the group is still hyped/teased even though most members are dead.
Like when you take these things at face value, it seems weird that none of this has been directly addressed by the manga.
The oddest thing to me that Rocks is this largely hidden character that is tied to the arc's major villain who is seemingly about to "lose" or be taken down. Why hasn't his face been shown yet? What is the surprise/twist with Rocks? Why hasn't his fate been discussed? Why is the flashback on God Valley still largely hidden? Does this have more to do with the endgame or Wano itself?
I'm really not sure, I know there is a large gap in understanding how this could even work. Could BM have been involved with her soul powers? Does Rocks have hidden powers? What would be the purpose?
Again, I think "Kaido" is going down soon regardless (be it this punch or something else that's effective soon after), but is it possible that "Rocks" becomes the viable threat after this for Luffy? Could Kaido's FB happen at this point to show a "twist" on Rocks' fate? Would "Rocks" continue to care about Wano? Would he leave? Would Luffy fight Rocks here and now? Could he?
Not something I subscribe to, just a weird thought I had regarding the fate of these 2 characters. Have at it lol.
Tldr: Rocks returning could be far less metaphorical and more literal. The easiest (and weebiest) example I can think of is this: