@gritstartar has some great posts about the ridiculous extent of the gay sex jokes in S5, and it got me thinking about the scene in the first episode of T85 where they're trying to catch the Snow Shark.
(Note that I know it's kinda weird because they're younger again in T85, but most of us think that the show is some kind of vision Mike's having while flayed when he's older in the main show, so...idk. I'm just sharing what I see here.)
The monsters in T85 are commonly thought to be associated with Mike's homosexuality, and Mike is framed next to the Jaws poster a bunch of times in the main series. So, I think the Snow Shark represents Mike's gay ass here.
When the party's trying to find it, they cover Dustin in Slim Jims, which are meat sicks (subtextually, dicks).
Dustin asks how they know the Snow Shark will even like them, and Mike basically says that they need to entice it to "get it out in the open" which sounds a lot like coming out to me.
So, subtextually, according to Mike, the possibility of getting some dick (Slims Jims) might be enough for him to express his homosexuality (get the Snow Shark to surface).
We then learn that Lucas is the one who suggested using Slim Jims, which aligns well with the common assumption that he's clocked Mike as being gay and in love with Will.
Lucas claims that everyone likes Slim Jims (where are my bi!Lucas truthers?)
He says that Will had wanted to use fish instead, and Will says that sharks like fish.
"Fish" is a slang term for vaginas and for drag queens who "pass" as cis women, which kind of reminds me of the whole El-is-Will-in-drag concept.
So, subtextually, Will thinks that Mike (the Snow Shark) is attracted to El, and women in general (fish), but Lucas knows that Mike prefers men (Slim Jims).
I think we all know what the shark really wants.
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