In the penultimate episode of the second season of "What If...?", titled "What If... The Avengers Assembled in 1602?", we are transported to a universe where the Avengers exist in the year 1602. This episode not only continues the narrative threads established in previous episodes but also delves deeper into the complex web of the multiverse, weaving together characters and events in a tapestry of time and space.

The episode opens in a kingdom on Earth ruled by the fearsome Hela, with a ministry that includes Thor, Wanda-Merlin, Nick Fury, Loki, and Happy Hogan. This universe is beset by spatial rifts that threaten to annihilate everything, inching the kingdom towards oblivion. In a desperate move, Fury and Wanda-Merlin kidnap Peggy Carter from her timeline, believing she holds the key to saving their world. However, when she fails to save Hela from being consumed by a rift, Thor orders her arrest, setting Peggy on a path of rebellion.
As the kingdom crumbles, The Watcher appears to Peggy, offering a way back to her universe. Peggy, unwilling to abandon this world to its fate, chooses to stay and eavesdrops on Thor and his council. She learns that Wanda-Merlin still believes in her ability to find a time-displaced individual, known as the forerunner, who can stop the rifts. Inspired, Peggy seeks out Stark to craft a device that can match the forerunner's energy with the rifts and send them back to their original universe. The plan hinges on stealing the Time Stone from Thor's scepter, a task that requires the skills of thieves—Steve Rogers, Bucky, and Scott Lang.
Peggy interrupts the trio's attempted robbery of Loki and persuades them to join her mission. As they prepare for the heist, they are confronted by Happy and an army of Yellowjackets, a force reminiscent of Darren Cross's plans in "Ant-Man." Lang's Ant-Man suit and the heroes' teamwork are on full display as they fend off the attack. The episode also features a cameo by the Destroyer, an unstoppable force that forces Peggy to accept defeat temporarily, allowing the team to regroup and focus on the heist.
The climax of the episode sees the heroes infiltrate Thor's castle, where they plan to steal the Time Stone and use it to fix the universe. However, a rift opens within the castle itself, threatening to destroy everything. In the midst of the chaos, Peggy attempts to retrieve the Time Stone from Thor, leading to a fierce battle. Wanda-Merlin, realizing Peggy's plan, uses her powers to hold back Thor, allowing Fury to pass the scepter to Stark. He inserts the Time Stone into his device, and Peggy, with the stone at the center of an Iron Man-like glove, uses it to halt time and reveal the forerunner—Steve Rogers.
Steve explains that his actions during a battle with Thanos sent him to the 1602 timeline. Faced with the reality that his presence has created this universe, Peggy is forced to erase all time-displaced individuals, including Steve. As she uses the Time Stone again, everyone vanishes, including the rifts, saving the 1602 timeline. The episode ends with Peggy, unaffected by the reversal due to her lack of connection to the Time Stone, left heartbroken by the loss of Steve. Instead of The Watcher, Strange Supreme appears, hinting at a larger story and possibly recruiting Peggy for his cause.
"What If...? Season 2, Episode 8" is a thrilling exploration of the multiverse, blending historical settings with futuristic elements and superhero action. The episode masterfully connects characters and events, creating a cohesive narrative that builds on the foundations laid in previous episodes. It raises questions about the nature of time, identity, and the consequences of altering the past. As the season draws to a close, viewers are left eager to see how these threads will be resolved and what Strange Supreme's true intentions are.