The Walking Dead: Daryl Dixon's recent cameo suggests the possibility of a season 12. The franchise has been exploring spinoff shows but has not yet completed the overall narrative. Daryl's phone call with Carol hints at the potential appearance of a major villain in the main Walking Dead story. This could be the CRM or a new villain/group. The older characters will inevitably have to return, leading to a potential reunion and a larger story arc. Although spinoffs are currently the formula, a season 12 or equivalent could still happen to provide a proper ending.