WARNING: This article contains major spoilers for Loki episode 6.
In the Loki finale, Miss Minutes offers the God of Mischief the throne of Asgard, which would've had extensive effects throughout the Marvel Cinematic Universe. Loki (Tom Hiddleston) and Lady Loki (Sophia Di Martino) finally reach the Citadel at the End of Time in Loki season 1's final episode. At the Citadel, the pair meet He Who Remains (Jonathan Majors), a Kang the Conqueror variant who created the Time Variance Authority. According to He Who Remains, the TVA is the only thing keeping an infinite number of Kang variants from starting a Multiversal War. But the TVA has taken a lot from Lady Loki, so she rejects He Who Remains' offer to take it over and kills the villain. His death unleashes the Multiverse.
The TVA makes it hard to be a Loki variant. According to the agency, the God of Mischief's job in the Sacred Timeline is to lose. A Loki variant's glorious purpose is simply making others achieve greatness. There are numerous examples in the MCU. In Thor, Loki's attempt at the Asgardian throne drives his brother to become worthy, allowing Thor (Chris Hemsworth) to reach his full potential as a hero. In The Avengers, Loki is the reason Earth's Mightiest Heroes finally come together, saving the planet from his villainous reign and the invading Chitauri aliens. Over and over again, Loki's failures are triumphs for others.
But the Loki finale gives the God of Mischief the chance to change everything. In a last attempt to stop the Loki variants from reaching He Who Remains and dismantling the TVA, Miss Minutes (Tara Strong) offers Loki the opportunity to win. According to Miss Minutes, He Who Remains can make "creative adjustments," allowing Loki to achieve his dreams and rule Asgard. The possibility would have far-reaching consequences in the MCU, such as Thor's continued banishment and war raging throughout the galaxy. However, some events may surprisingly stay the same.
In 2011's Thor, Odin (Anthony Hopkins) banishes Thor to Earth after his son defies his orders and attacks Jotunheim. Later in the film, Loki learns his true parentage, discovering that he isn't Asgardian. Instead, he's the son of Laufey the Frost Giant, and Odin took him in. Loki berates the Allfather for keeping the truth from him, and the incident is too much for Odin to handle. After Odin's lie about Loki's lineage is exposed, he falls into Odinsleep, temporarily giving Loki the throne. However, the victory is brief, as Thor eventually returns to Asgard. Loki's reign ends with him unceremoniously falling off what's left of the Rainbow Bridge.
If Loki had remained on the Asgardian throne, Thor's banishment would likely continue. However, Thor's absence from Asgard would have detrimental consequences. To keep the throne, Loki may need to kill Odin in his Odinsleep, thereby releasing Hela (Cate Blanchett). Loki isn't much of a match for Hela in Thor: Ragnarok, so she may not have much resistance in her conquest of Asgard. Like Loki, Hela has a lust for power, which would continue throughout Odin's Nine Realms.
Even if Odin doesn't die and Hela isn't released, it doesn't look great for the Nine Realms. In Thor, Loki attempts to destroy Jotunheim with the power of the Bifrost. He does it to prove he's a worthy Asgardian and because of the pain of finding out his real parentage. Without Thor to stop him, Loki may continue with the genocide. As a result, the Nine Realms would become Eight Realms. And Loki wouldn't stop there.
In the Loki premiere, Mobius (Owen Wilson) asks Loki what he wants, and the God of Mischief's answer is to claim his throne. In addition to Earth, he wants to control Asgard, the MCU's Nine Realms, and all of space. His appetite for power will never stop, which means subjugation for the newly formed Eight Realms. Even if Loki is lucky enough to take over all of the Eight Realms, he would continually extend his empire.
Thor: Ragnarok gives a preview of what Asgard would be like under Loki's rule. In the film, Loki secretly takes Odin's place, disguising himself as the Allfather. Though he rules in secret, Loki has no subtly. Asgard erects statues dedicated to Loki. The God of Mischief is celebrated as a hero, and there are theater productions honoring him. If Loki were openly ruling Asgard, he would bring more pageantry. As Iron Man (Robert Downey Jr.) says in The Avengers, "He wants flowers. He wants parades."
Loki doesn't want to worry about the practicalities of governing, signaling doom for Asgard. With the God of Mischief ruling like in Thor: Ragnarok, Asgard would be allocating most of its resources to celebrating Loki, not to things that actually matter. This would leave Asgard vulnerable. In Thor: Ragnarok, Surtur tells Thor that his absence from Asgard leaves the throne defenseless. With both Thor and Odin out of the way and Loki completely focused on himself, the destruction of Asgard may be inevitable.
Loki is a major part of why the Avengers become Earth's Mightiest Heroes. His attack on New York and the murder of Phil Coulson (Clark Gregg) become the glue that binds the Avengers together. Without that, the superhero team might never quite come to fruition. They needed a villain to rally against, and the God of Mischief fills the void perfectly.
If Loki is busy ruling Asgard, there'd be no reason to rule Earth until he begins his conquest of what's left of the Nine Realms. Because of that, Thanos (Josh Brolin) may need to find someone else to lead the Chitauri's attack on Earth. If the attack does occur and the Avengers don't come together, it could be even more devastating, leading to millions of deaths and the destruction of New York. Of course, the attack might not happen at all. Though Loki loses in the fight for New York, he was integral in bringing the Chitauri invasion.
In addition to ruling Asgard, Miss Minutes offers Loki other opportunities. He could beat the Avengers in the Battle of New York, Thanos wouldn't kill him in the events of Avengers: Infinity War, and he could take hold of the Infinity Gauntlet. If Loki had said yes, it would forever change the MCU. Loki would firmly take his place as the ultimate villain and supreme ruler in the Marvel movies. And he could do it all with Lady Loki by his side. Anything he could ever want would come true, and all he has to do is accept Miss Minutes' deal.
However, as Lady Loki says in the Loki finale, "It's fiction." There's no guarantee that He Who Remains would ever stay true to his word about rearranging the timeline for the two Loki variants. Additionally, their places on the timeline would still be under the rule of the TVA. As tempting as Miss Minutes' offer is, Loki likely wouldn't accept it. When she offers the deal in Loki, he's already changed. More than anything, he wants to have free will for himself and Lady Loki. "We write our own destiny now," Loki says in response to Miss Minutes' offer, seemingly bidding farewell to the Asgardian throne forever.
