So, I was thinking about the final fight you have with Molag Bal, and the fact that he appears afterwards in the realm with Meridia. It seems everything we have been doing up until then is merely a test. The Molag Bal we thought we had defeated was just an avatar of him, and he was only holding peoples souls in order to give the champions something to fight for. He had no intention of doing anything with them. We are, even after claiming back our souls, still immortal beings, citizens of Oblivion. Yes, you heard that right. We are citizens of Oblivion, with immortal souls.
What if....Meridia and Molag bal are actually on the same side, and all of us have been mere puppets in order to find champions who will fight with them in the battle to come, the battle hinted at by Varen at the end of Orsinium?
I reckon the whole story was just a test. I think he knew all along what Mannimarco was upto, and was just waiting for the right time to catch him "in the act". Molag Bal knew all along where the amulet was, and could have taken it at any time.
Meridias Hollow City is there by arrangement with Molag Bal - Meridia told the truth when she said it was a staging post. Yes, a staging post for a much bigger battle for the upcoming war in Oblivion. The battle to take down Molag Bal was just a test to see if we would be upto the task to handle something much more terrifying.
So, who is the Big Bad Enemy actually? My bet is Mehrunes Dagon, who makes Molag Bal and co look like children.
Xbox One - EU - EP/DC
Trying and failing to hold the walls of his Templar house up since 2015