After several months of eager fan anticipation, the first trailer for Spider-Man: No Way Home, the third Spider-Man film in the Marvel Cinematic Universe, has finally been released. And with it comes the first official details of the film’s much-theorized-about story.

The trailer shows Peter Parker recruiting Doctor Strange to magically make the world forget his secret identity after Mysterio revealed it at the end of Far From Home. But due to a mishap caused by Peter’s hesitation, the spell brings several familiar villains from previous Spider-Man movies into the MCU, including Spidey’s legendary arch-nemesis Doctor Octopus — played once again by Alfred Molina, reprising his role from Spider-Man 2 over 17 years later. One of the Green Goblin’s pumpkin bombs also appears with Willem Dafoe’s iconic laugh in the background, all but confirming that Norman Osborn will also be appearing.

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Other brief shots feature yellow lightning bolts and a massive wall of sand, hinting at the return of Jamie Foxx as Electro and possibly even Thomas Haden Church as Sandman. Another shot features Peter being attacked by a shadowy, hulking figure that some fans believe is the Lizard from the first Amazing Spider-Man film. But no matter what the final roster of villains ends up looking like, it’s clear that Spider-Man will be facing a veritable army of rogues in No Way Home — perhaps even the first-ever cinematic appearance of the Sinister Six.

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However, despite all the hype around all these returning villains, it’s still unclear how the story surrounding them will play out. The trailer showed off plenty of exciting action setpieces, but didn’t explore exactly how things will unfold after the multiversal villains are unleashed. There are still plenty of questions left up in the air — including the matter of whether Tobey Maguire and Andrew Garfield will be returning as their own variants of Spider-Man. While it’s impossible to know for sure how the story will play out before the film is released, some potential clues can be found by tracing No Way Home’s comic book influences.

Though the movie isn’t a straightforward adaptation of any specific Spider-Man story, all MCU films draw inspiration from various comic storylines in some way, and No Way Home is no exception. The basic premise of the film — Peter’s secret identity being revealed to the public, and Peter trying to resolve the problem through supernatural means — is sure to remind comic fans of one infamous story in particular. The much-maligned “One More Day” storyline from 2007 features Aunt May being assassinated by the Kingpin after Peter’s secret identity is revealed in the original Civil War comic, causing Peter to accept a deal by the demon lord Mephisto to restore Aunt May’s life — in exchange for erasing his marriage to Mary Jane from existence.

“One More Day” would later receive a follow-up arc in 2010, “One Moment in Time”, which explored the details of the rewritten timeline caused by Mephisto. In one notable parallel, the story revealed that in the new timeline, Peter enlisted Dr. Strange’s help in magically making the world forget his secret identity, just as he does in No Way Home. But despite the shared plot point in both stories, it’s unlikely that Mephisto will be making an appearance in the MCU any time soon, despite what a popular WandaVision theory once predicted. Instead, it’s more probable that No Way Home will draw influence from another, much more beloved comic storyline.

The story in question is “Happy Birthday”, the three-issue arc from 2003 by J. Michael Straczynski and John Romita Jr. that culminates in Amazing Spider-Man #500. The storyline follows a team-up between Spider-Man and Dr. Strange which goes awry when Peter accidentally interrupts Strange as he casts a spell to banish Dormammu from Earth. Peter is sent adrift through time and space, and soon finds himself reliving the greatest battles of his life against a gauntlet of his deadliest rogues. It’s certainly not the exact same story as No Way Home, but it’s easy to see the similarities — a team-up with Dr. Strange, space and time getting distorted, and Peter being forced to fight through a legion of villains to set things right.

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But something else worth noting is that one of Amazing Spider-Man #500’s most iconic scenes is the opening sequence, in which Peter finds himself caught between his distant past — the moment he was first bitten by the spider — and a possible future, in which Peter dies in a fierce battle against the NYPD after becoming a fugitive for unknown reasons. In the context of the story, this scene advances Peter’s internal struggle in the arc as he questions whether being Spider-Man is truly worth it. But in No Way Home, it’s possible that this concept could be reinvented to make use of the film’s multiverse-hopping premise.

No Way Home is poised to be the climax of Peter’s character arc that’s been building since his MCU debut in Captain America: Civil War — the story of Spider-Man proving himself as a true hero. After Homecoming and Far From Home, Peter’s finally escaped Iron Man’s shadow to form his own legacy as Spider-Man, but he still has to figure out what being Spider-Man truly means. So, just as in ASM #500, this is the perfect opportunity for Peter to overcome his self-doubt by looking to two alternate versions of himself. But in this case, it wouldn’t be Peter’s past and future selves he encounters, but rather his alternate universe variants, as played by Tobey Maguire and Andrew Garfield.

If the teaser trailer is any indication, No Way Home’s story will focus primarily on Tom Holland’s Peter and his supporting cast. But if the Spider-Man variants are indeed going to make an appearance as rumors indicate, it’d make sense for them to enter the story as last-minute reinforcements before the final battle. Seeing versions of himself who have forged their own identity as heroes could be just what MCU Peter needs to finally decide for himself what it really means to be Spider-Man. After all, “Happy Birthday” is first and foremost a character study of Peter Parker, exploring how he’s driven by his determination, guilt, and responsibility to help others, as well as the pressure placed on him by his life as a hero. It’s very possible that No Way Home could tell a similar story, showcasing what makes Spider-Man a true hero by pitting him against his greatest challenge yet.

Of course, this is all just conjecture for now. Despite the persistent rumors, it’s still possible that Maguire and Garfield will only make brief cameos in No Way Home, or even not be in the film at all. Likewise, it’s unknown if Amazing Spider-Man #500 was a conscious influence on the movie’s story. But no matter how the film’s story ends up playing out, one thing is for sure — Spider-Man: No Way Home already has countless fans hyped to see what may very well be the most ambitious Spider-Man film to date.

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