The most likely explanation is that the entire notion of a global conspiracy of rampant pedophilia among the powerful and connected of both parties being concealed with deliberate malice and the active participation of the very highest levels of federal law enforcement is just....false.

That part I agree with.

The real problem I see is that if there isn't any big pedo ring and coverup, the conspiracy theorist corner of MAGA is going to be completely unsatisfied by the release of the files. They want the crimes. They NEED the crimes to justify their existence. (With my apologies to A Few Good Men.)

I suppose that's where it gets dangerous for Trump. While there may not be a ring or coverup, there might be an A-list celeb or two (potentially including Trump), and a couple of B- or C-list celebs on the list. Releasing those names won't satisfy those looking for a big conspiracy. And if Trump is actually in the files in any damaging way, I fully expect those bits to be purged. Such is the nature of the current administration. So releasing the files is most likely going to turn into a nothing burger. And that will make those looking for a big conspiracy very unhappy. Unhappy enough to potentially drop their support for Trump. Without them, Trump is toast.

In short, look for lots of smoke and mirrors, but nothing substantial.

--Peter