As a passionate fan of shows like this I can scarcely contain my theoretical mind as it has been exposed to the subject matter involved for over 30 years. I’ll start with a brief synopsis and move into what I consider to be fan theory rather than fan fiction and let you decide.
Extremely well written show about wizards that aren’t quite JK Rowling or C.S. Lewis – though quite clearly are influenced by at least some of that material as blended with more mature themes like the show “Supernatural” and legitimate Occult material.
The Garden Path: The path of occult Wicca as presented by Gerald Gardner – an admitted adherent to the writings of Aleister Crowley aka “The Beast” and let us not forget the Beast in The Magicians is of course discovered to be… *spoilers – I’m not doing spoilers.
Marina – an analog of Lady Sheba – another of Crowley’s adherents… Striking similarities between this Character and real life depictions of the leader of that coven.
Penny – a “Traveler” between dimensions – who visits the Library i.e. Akashic records library? As theory this requires only a rudimentary comparison between Akashic and the Library of Alexandria to note the similarity between the shows location having “Fountains as portals.”
Quentin – The Neo-esque hero (neutral mask) that represents the observer who through contemplative action or non action decides the course of events in some abstract way.
Elliot – Probably the coolest character but an analog of the bohemian new age mindset that pervades para-psycholgy and new thought.
Margo – The empowered lay person – popular thinker – alpha persona mimicked with a Margolemn (Golemns were magical constructs into which a sorcerer might invest their essence in the event of death but also a good replacement creature in some Hebrew literature.
Alice – Hero/antihero and Quentin’s love interest as she transforms through every stage of pseudo spiritual metamorphosis (Niffin + Shade) see also Jung’s Shadow.
So the theory…
I’d posit that the writer(s) are: well acquainted with recent magical history, and mythology – particularly in writing, and perhaps familiar with various practices that border on Vedic and trancendental meditative practices and are in fact both correcting mainstream thinking about the writings of authors like CS Lewis and JK Rowling for posterity or are in fact telling a story that in mythology is continually being told while few have listened.
Something real is perhaps happening that the viewer can sense, but not grasp. Maybe you are being asked to seek something…
But don’t look at me, I’m under the strictest impression that I’m to only theorize.
They turned into foxes… aww! *nods approval.