Loverslakegate truthers, I implore you to consider this alternative…
(I provide reasons why I still believe Lover’s Lake may have significance below…)
Shock Jock may be the episode where we get a perspective shift that focuses on Mike's character arc, including his repression, trauma, and mental health. ("Eyes on me! Eyes on me!")
There are many theories which suggest Mike is going to be targeted by Vecna, with the most textually obvious being that Nancy prophesied something happening to the Wheelers, yet thus far we've only seen Ted, Karen, and Holly be targeted.
(Also the fact they reshot the scene in which Max was cursed, when they didn't need to. Famously, Mike was sat next to her when this happened).
Also x 2 note that Nancy prophesied the dead soldiers and Downtown Hawkins on fire which we just saw happen in Sorcerer! According to Nancy's prophecy, what we can expect to see next is a giant creature with a gaping mouth (Tree flayer, I think?) and Mike's "death."
Naturally, if Mike is attacked by Vecna it will be psychically, through distorted memories and hallucinations intended to torment and mock him. That's Vecna's signature.
Then we have the evidence which suggests Will is going to be involved in a water stunt of some kind. (x).
To be honest, we have no real evidence to believe it must take place at Lover's Lake.
If Vecna's going to target Mike, mock his trauma, and make him feel guilt, shame, or disgust… he might make him relive his memory of discovering Will's body at Sattler's Quarry.
Mike's witnessed many horrible things, but this is the first textual example of Mike's trauma we have in the series.
Better yet, he might offer him a distorted version of this memory, forcing Mike to witness a vision of current-day Will drowning in the quarry.
It would make sense for Vecna to put Mike in a situation where he cannot save Will, especially considering Will just saved his life. It would make Mike feel impotent and guilty, and it's a great way to subtly suggest that Mike reciprocates Will's feelings without being too on-the-nose, considering they likely want to build Byler up until episode 7 or 8.
The alternative alternative theory is that Vecna mocks Mike's own near death attempt at jumping into the quarry — much like how he mocked Max's suicidal ideation.
Mike might find himself drowning in his hallucination, foreshadowed by #pipegate as Mike will be metaphorically drowning in his emotions.
I talk a little bit about why I think it might be appropriate for Mike or Will to experience some kind of near-death drowning sequence here and here. I think this still holds up even if it only happens in a vision and isn't "real."
And if Will isn't the one drowning, the reason he might be there is because he's able to tap into the hivemind, and may even be able to rescue Mike from inside his own mind (similar to piggybacking?).
After all, it's been hinted by the Duffers that we have not yet seen all that Will is capable of. ("You'll see how far he can take it as you continue to watch.")
Then again, I think it would be a bit much to sick a demogorgon onto Mike and have Will save him, only to then drown him and have Will save him again in the next episode. So, I think the former theory that Will has a "false" drowning and Mike attempts to rescue him is more likely.
Also, imagine the possibilty of a Frowise parallel. I would die. Mike and Will are so Samwise and Frodo-coded it's insane. But that's a caveat.
Allow me to present some additional evidence of #basementgate that may tie into Mike's potential Vecna sequence.
Noah has two BTS videos in which he reminisces on the D&D figurine and Will the Wise hat — both of which are directly related to scenes in the Wheeler's basement. He also filmed these videos in the Wheeler house in his Volume 2 clothing. (x, x)
Also, this video in which he's at the Wheeler's in a Scuba Max jacket. (x). Scuba Max is a company which sells diving gear and water safety equipment.
It's possible Mike and Will return to the Wheeler's at some point after this sequence to change their clothes or grab supplies. There's been some very suspicious hints on the WSQK radio that Mike and Will are going to get "good signal" in the basement... (x).
Oh, and I still think it's possible Lover's Lake plays a role in s5, especially since Lover's Lake contains a gate (#Watergate), and sits outside the boundaries of the wall in the Upside Down. (x). If they want to see what is past the wall, they might need to go through watergate!
(Thanks to @stkaai for providing this image!)
Many possibilities here, folks. I'm sure I've only got it half correct if that, but that's a part of the fun of speculative theories.
Also fun to imagine how #mixtapegate might play a role in this, if the "For Will" mixtape is in fact made by Mike. It might even be kept in the basement...
