How The Hobbit Trilogy Should End
We cut back to older Bilbo the moment he finishes his book. Just as he closes it, there is a loud knock on the door. He tells whoever is there that he doesn’t want any more visitors, well-wishers or distant relations, thank you.
The audience has a split second to realize that they’ve heard those exact words before when:
"And what about very old friends?"
And we fade out.