I know a lot of people believe that this is the session that will create the Trolls universe and whatnot, but I also believe it is kind of the literal "end" of the cycle.

Honestly at this point I think if squiddleloop theory is true, it will only be in the sense that it's what Dirk wants to happen, since creating an endless loop that leads back into the troll session would keep him relevant and the perpetual recurrence going forever, and the actual events of the session will be about that failing