In a poll conducted by u/LeonOkada9 on the subreddit r/TheBoys, nearly 35% of voters were revealed to believe that Homelander will ultimately die from a super gory death. Commenters on the thread unanimously agreed that if Homelander were to die, it will be at the hands of Billy Butcher. Redditor u/someone8787 chimed in by discussing how Butcher would never stop chasing the hero, even if he were locked up for his crimes: "If Homelander [were] jailed for life, you bet Butcher would find a way to break into his maximum[-]security cell and kill him anyways [sic]."
Redditor u/Go-D_i suggested that the Boys' leader would eliminate Homelander while he was de-powered: "The 'de-power' chamber was shown for a reason: maybe hinting. Maybe he will suffer in the chamber isolated, have all of his dirt revealed and know no one loves him anymore. Maybe Butcher will kill him while he is depowered?" The original poster replied by imagining how exactly Homelander would die if he had no powers: "Imagine Homelander begging Butcher to kill him."
The show has greatly emphasized Homelander and Butcher's rivalry and animosity, so it seems certain that the duo will once again face off, resulting in either's death. While in the comics, on which the satirical series is based, Homelander is killed by fellow Seven member Black Noir in a gory battle, "The Boys" has shied away from its source material, so it wouldn't be surprising if Butcher were responsible for the hero's death. With Season 3 giving the Boys temporary superpowers, one can only imagine the diabolical chaos they'll get into.