I like both theories, i guess until the DVD comes out with the commentary, we won't know for sure.
I just wonder, at the end when the screen zooms out of the globe, they play the song 'Santa Claus Is Coming To Town':
He sees you when you're sleeping
He knows when you're awake
He knows if you've been bad or good
As if he wanted to point out that it all happened, they died and Krampus had his fun but like the kid says, Krampus can fix it. So as long as they keep being a good family and enjoy Christmas, Krampus will let them be.
To be honest, even that theory isn't a happy ending. Being eaten alive by monstrous toys or thrown into a fire pit is something to be traumatized for the rest of their lives.
That bell made them remember their horrific deaths, how the hell can you expect to be happy on Christmas after that. Soon or later, they will ruin Christmas once again and Krampus will be back.
That would make Krampus mischievous, a trickster. What's more evil than letting someone remember those events and knows he's always watching. It's alot more fun for him.
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