The Owl House is coming to an end with episode three season three which will premiere April or March 2023. This long wait has left me to theorize. Many things could happen but I think I know what will.
The collector is a god just so everyone knows and King is a titan and titans can cancel out the collector’s powers, but it didn’t work when he tried so there must be a factor for it not working like he doesn’t want to hurt them as they are friends.
The collector heard what King said to Eda and Lillith. They are most likely heart broken by this and they will probably attack one of them or even Luz. Belos is also back in Raine’s puppet body and the slime is visible. I think that the collector is playing dumb because he is not a stupid kid as we have seen in some of the episodes. He is probably waiting for Belos to drop his guard.
Caleb is also haunting his brother with the dagger above his head. The dagger can mean many things like the king who had a dagger hung above his head with just a strand of hoarse hair. The same dagger can be found in the laboratory. I have many more but these are enough.