A third season remains a possibility.

That’s because Billy was alive and relatively well following Billy the Kid Season 2 Episode 8.

This is more than many characters could say, especially those who confronted the fugitive Regulators.

Yes, there were quite a few nameless, scruffy, bearded men shot dead in this episode, which is ironic since negotiating a peace treaty was at the heart of it.

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The Regulators started as fugitives and ended up in pretty much the same situation. That’s what happens when a clear-cut victory over evil is your ultimate goal.

That’s especially true when corrupt politicians and businessmen are involved, as was the case here.

It appeared things were improving, as Warren Angel’s investigation forced corrupt Governor Axtell out of office.

Billy had been pinning his hopes on Angel’s federal investigation since Billy the Kid Season 2 Episode 5. Finally, it seemed events were going in a positive direction.

On a side note, why are The Regulators staying at the home of one of their members?

Shouldn’t that be the first place Pat and his posse would look? Aren’t there enough abandoned farms and buildings in the area to use as hideouts?

But I digress. New Governor Lew Wallace offered amnesty to anyone who had been criminally charged in the war if they would give up their guns, renounce violence, and become upstanding citizens.

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It’s a concept much more rooted in dreams than reality. It’s the Wild West, after all.

If they aren’t shooting at each other, they’re shooting at Indians or wild animals. A gun is a tool.

That’s why Billy was, at best, cautiously optimistic. He hasn’t stayed alive in his short, outlaw life without being realistic about his situation.

Unfortunately, being fugitives while the bad guys of The House largely have had what passes for the law on their side is starting to wear on The Regulators, as George bemoaned to Billy.

After all, they aren’t regular outlaws like Billy. Instead, they’re simply farmers and ranchers fed up with being ripped off by greedy businessmen and politicians such as Murphy and Catron, who control the power in New Mexico.

So, Wallace’s offer gives them a light at the end of the tunnel that might not be a train. For the first time in many months, they have hope.

The Regulators did discover that they had earned the admiration of people who didn’t even know them, thanks to the positive popular word of mouth they had received.

The citizens of Las Tablas celebrated them and even covered for them when Pat’s posse showed up, turning down a fistful of dollars to protect The Regulators.

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But government wheels turn slowly. This left an opening for Catron, the most prominent member of The Ring, who was still on the board.

Catron decided that if peace was to be made in the war, he would control it.

Luckily for Catron, he could keep his hands clean, thanks to Edgar Walz, his son-in-law, lieutenant, and personal whipping boy.

Walz is the brains behind the thuggish Catron, who finds ways to make his father-in-law’s vague ideas work.

He knew that Jesse was the person who should put the idea of peace talks before Billy, the only one that Billy would take seriously.

Walz skillfully shot down Riley, who was self-important and couldn’t understand why Billy’s involvement in the negotiations was important.

Walz’s “treaty” document was an early example of mutually assured destruction, as soldiers on each side couldn’t do anything to damage those on the other.

Billy and Riley resignedly agreed to the treaty since they didn’t trust politicians enough to put their futures’ in their hands.

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It was great to see Billy and Jesse being friendly again and reminiscing about their good times together before their career paths took them in different directions.

While Jesse was optimistic about the treaty, Billy sensed it was a stopgap measure. He didn’t trust those on the House’s side to change their normal behavior.

Sure enough, Riley killed the lawyer that Susan had brought back to prosecute her husband’s murderer, then left him lying in the street before strolling on for a meal of oysters.

That kind of person didn’t deserve to be protected for their actions. So, Billy decided to take his chances with the new governor, Lew Wallace.

Wallace appeared to be on the up-and-up when he arranged for Col. Dudley to lose his command for taking sides in the Lincoln war.

But after Billy agrees to meet with him, he arranges a trap so Pat and his posse can capture Billy. So, is he just another politician?

If a third season comes to pass, Wallace will likely be an important character. So, Billy needs to figure him out.

Finally, Dulcinea has evolved into the kind of partner that Billy will need, refusing to go to Mexico and instead staying by his side.

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Initially, she was a spoiled rich girl, riding horses with Billy on her family’s estate.

But now she’s hardened, shooting whoever she has to break Billy out of jail. That makes her much more intriguing.

Even knowing that Billy will eventually die, do you want another season?

Besides Billy, who was your favorite character from this season?

What did you think of Lew Wallace?

Comment below.

Dale McGarrigle is a staff writer for TV Fanatic. Follow him on X.

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