Hmm....interesting.
**SPOILERS FOR ALL RELEASED BOOKS**
If Theon dies, only Samwell Tarly and the boys' travelling companions will know they're not dead. Did Sam realize who Bran was? And if so, did he ever tell Jon? I can't remember...
But I can't see Theon being killed just yet. I think his death will be postponed, probably because of Asha and Massey.
**END SPOILERS
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Future Impel Down Guardian: Waiting for SuperNiceDog, Guru Champ, to retire.