This discussion may contain spoilers!
I'd Like to hear people's personal full theories thus far.
They can be a combination of existing theories or completely new.
To start off here's my theory and thoughts on existing theories.
As of now I believe that killer has not been introduced. I do believe some existing characters are very high profile in the case however, the actual Fable behind it all has yet to be shown. So here's my list of high profile chaps.
1) The Hatted man.
The man I refer to this the first guy in line to see Ichabod or Snow (whomever they are waiting to see at the office). I'd like to talk about this guy before "RHG" because unlike "RHG" this is the only time he shows up. There are only two unnamed Fables shown in this Episode and the Hatted guy is the only one to only appear once (I'll say why this is a big deal when I talk more about "RHG"). But that's not all, if you look closer at his character model as Bigby walks by you can see that his jeans are the same color as the material found outside. BUT WAIT, there's more, if you look carefully at his leg you can see that one of his legs has either a patch or a hole in it with what looks like blood around it. And last but not least, as Bigby walks by he is the only one to react negatively. While Grendel and RHG just watch him past the Hatted man jumps a bit as though startled.
2) The Tweedles
These are the only named/ established characters whom I can't quite read. They are obviously working for someone with connections and possibly someone with connections to the crime. This is obvious because Faiths murder was kept secret from the public but somehow they knew about it. They knew that Faith was at Woodys house the night before and went there looking for something, they knew where to find Lawrence and when there to interrogate him too. They truly are the mystery here because the don't seem to know much more than that she was killed, but if they are working for the murderer then what's the point of tracking down these other characters for information. And if they for for someone else then how do they know about the murder?
3) Red Head Guy "RHG"
So this guy has been getting a whole lot of attention and the thread covering the "Boy who cried wolf" theories are absolutely exploding with theories on him. To be honest the theories on him blew my mind at first but there is one argument that shoots it down and I believes makes my Hatted man theory more favorable. Yes this guy is absolutely EVERYWHERE, but this causes problems. He is so everywhere that there are times where he is literally in two places at once and it happens at least twice, once as you arrive at Toad/ Woodys apt. in the beginning wher he is on the street and also driving the cab then the same thing happens as you get to the Tip Trap. Aside from that there is the theory that he is following Bigby and one of the pictures shown to "prove" this is that he is one guy stuck under the couch that Dee blocks the hallway with. But if RHG is following Bigby then how is he infront of him down a random hallway that Dee decided to run down.Sadly I think that he is just random filler to make spaces seem more alive, which leads back to the Hatted man. The Hatted man is the only other unnamed character who has been seen as a suspect, and his model was never reused. While RHG is all over town and even Grendel can be seen being reused outside the Tip Trap, HM only ever appears the one time outside the office. I find this incredible suspicious and the only thing I can think to explain this is that he is more than just a filler, he just hasn't been properly introduced yet.
Those are my high profile suspects, now my theories on the other characters.
With every fiber of my being believe that the Woodsman is completely innocent, just has a bad case of wrong place wrong time. I don't think after sustaining the damage he had taken during the first scenes he would have been capable of pulling off the rest of the crime. When you meet him at the bar the next day he seems completely relaxed even when he sees Bigby at the bar, the during their conversation he seems to show that he has nothing to hide, again very relaxed. It is not until he is told that Faith was dead that he gets nervous, but I don' this that this is because he did it. I think it's just as he says, because it looks like he did it. He fears for his life, he thinks that if people believe it was him it would be the absolute end for him. He runs not because he is guilty,but because he knows that no one would believe him and that it would be his end.
Crane (Headless Horseman Theory)
So people have this idea that in some way Crane is either behind the whole plot or deeply involved in it. Personally again he is a character whom I believe could go either way. One theory I've heard is that the murderer is the Headless Horseman (HH) and is leaving this heads as a sign to Crane showing that he is still after him and is getting closer. I don't really see this.
Although I don't believe Crane is a good guy I don't think he is directly involved with he murder. My take is this, Crane has bribed himself up the chain of command to become the Deputy Mayo,r even Bigby (whom no one would expect to have become the Sheriff) comments on his status pondering how the hell he got there. Knowing how he got there and that his house of cards could come falling down at anytime he is incredibly paranoid. Now when a head shows up on their door step he believes it is a sign for him. His PTSD from once being chased by the HH kicks in and he believes that someone is after him. Similar to Cpt. Hook, when he hears a clock he thinks it's the crocodile after him. But stills know that he can't say why because it would ruin all his hard work to get to the top.
I believe that both of the "murder" victims are still alive.
Starting with Faith, when you first meet her you ask her who she works for twice and both times she replies with "these lips are sealed." Later after learning her ture identity you have the options to ask the mirror about her, her husband or her father. When you ask about her husband you see him near death as he should be, when you ask about her father you see an obvious corpse, but when you ask to see Faith the mirror shows nothing and replies: "Through powerful magic her whereabouts concealed. Unfortunately for you, these lips are sealed." The mirror will the say that the last part was not his preference in wording, that it was just how it had to be. This means that whatever power was stopping Faith for saying who she worked for is till on her and protecting its master. If she was just dead why would it matter? Then the main reasoning for Snow being alive is simply this. This story is a prequel to a series of comics in which Snow is still alive, unless this is a parallel universe she's alive. Then the final reason and lthis kinda goes for both of them. Then next Episode is called "Smoke and Mirrors." Smoke and mirrors are used to pull off illusions, tricks, ruses. I feel that this next episode is going to give way to proof that they two of them or at least one of them are still alive.
Just a dude sick of being trampled on by the system. I really feel for him and think he has every reason to be upset. Especially after you hear Snow talk about details of her job in your last cab ride with her. Please don't rip his arm off, he makes the saddest noises.
Honestly she is just an innocent stuck in the middle of all of this, however, I believe that her missing sister may play a bigger part later down the line.
Ok, I lied, I do think that the one behind it tall has been introduced. He's the one character who seems to have flown under everyones radar.
When you talk to Colin he shows disdain for Bigby several times during the conversation, he refers to know how Bigby feels about Snow and knows that anything that happened to her would destroy him. He is also no there when Bigby wakes up. My theory (semi-jokingly) is that after Bigby falls asleep Colin leaves, and takes Bigbys name back off the list of residents. Then when Faith comes to visit (as she said she would) she can't figure out where Bigby lives and leaves. Colin, who was waiting to nab Snow, sees that Faith was looking for Bigby decides to kidnap her instead and places a magic lookalike head with the ribbon and ring to send Bigby on a wild goose hunt while he resets his plan for Snow. The Tweedles, hired out of paranoia by Crane are set out to find if the HH is behind it after all. Everything else that happens is just coincidence. Lawrence had tried to kill himself well before Faith went missing so that can't be related. Eventually Snow leaves Bigbys side and Colin can finally hatch his finally plan, kidnaps Snow and leaves another head this time resembling Snow.
Revenge for his fallen house is finally accomplished