New Killer Theory [spoilers]
I have this idea, and this idea is based more on gut instinct than on anything else, because the actual killer can be anyone at this moment of the first episode.
It is the first time that I know about the wolf among us, and I am happy about it because I don't have any pre-concept about the story in general and I can analyse things as how they are.
I'll tell you right away my suspicious: and I believe that is and might be Red Hood. The story tells us that she didn't make it. But what if this assumption was wrong? And the one that didn't come from the legit ways "they made it through" instead of the one that made it from the legit ways? Red hood was very rich she could have passed through in a not legit way.
1) I don't believe that any of the character met are the real killer, not even ginger guy. At the first episode you don't throw away anything if not a little clue.
2) The little clue it is the book of fable. It is too detailed, and I feel that there is a reason why we show this book, it is to give us clues on the characters. I believe if there is a killer, the killer is in this book. And there are only four characters that we don't know or met yet. Red hood, the sleepy hollow, the dwarves (on which they look quite evils...) and the dad of faith. The rest of characters are just smokes and mirrors.
3) I believe as well as other better put it, the story it is about Bigby. Someone that wants to be good, but he was evil in the past, or looked as evil, because the story picture it like that. And I believe that the culprit it will be someone exactly opposite at our character: someone good that become really evil inside. So I don't suspect Bluebeard. Too obvious since the start, you have plenty of suspicious about this guy, but still don't know why. And he would have no reason to jump the bloody fences because he live inside the place.
And I believe that Bigby, the whole story, it is about him trying to prove this to himself and to the whole community.
4) As well the story it is about fables surviving in the real world on how tough it is, and how the evil guys are the one that have the upper hand in the real world. So the conflict it will be exactly from a good guy that it will be tired of all this and become evil. The perfect crime. Because all you have to do it is to make feel the killing as being of someone else. Red Hood for me fit that character. And I would say that even the dwarves, but there is something painted so evil in that book, that make me think as too obvious idea. And it wouldn't explain the death of snow white, while for Red Hood I have the perfect explanation.
5) So at the end of the story we discovered that Bigby was sleeping with Red Hood. It doesn't make any sense having to hear this story if is not, because all that we want to hear from Woody it is exactly the info that we were looking for him for. He knows something that he doesn't realise it will help with the whole case. Who are the first to dies? Fatih that kiss Bigby, Snowwhite that is close to Bigby, and we know that the next is definetly gonna be Beauty because it will develop a connection between her and him exactly because even if as friendship, from a jealous fianceé this could be seen as very very bad.
To me it makes sense. As well the fact that the suspicions fall on the Woody, as the one that ruined the relationships with Bigby.
6) Now come the best part. The motivation: Red hood, and maybe her grandmother as well might be the other power that is trying to take control of the town. They are Rich, like BlueBeard. And they do probably shady business as Bluebeard, and they actually passed it through. The ginger guy it is probably someone hired to take Bigby out of the picture, out of trouble.
And how do you shift powers? A) You act when Blue beard is out of town, 
You block/bribe/scare the system. In this case I think that someone want to scare badly Ichabod. Take out Snowwhite, Create problems with Bigsby about in the later episode witht he ginger guy make the people revolt against him and his government. This will explain why the type of death is cutting heads and the theory of serial killing. He is looking for his own head like it was the Headless Horseman it is the killer or Black Beard.
Actually It could even be that the Headless Horseman it is our "hired" killer by Red Hood, to make the culprit fall on Black Beard guilt. Or that someone it is trying to imitate him.
It is all about power grab!!!
7) And still another theory comes to mind yet, I believe that Faith hold on something, the magic of not being able to be identify, and that this it is an important piece of magic to have if you are the mastermind of all this. Plus the glamour of trying to look like an human, could be used to make other people look like a fable right? They might still be alive, because I read about many things that they are actually alive at the end of the story, so how would you justify all this? And I believe that Red Hood, Faith and even Snow white are trying something to make that shift of power. And they are all faking their deads, to make the bad guys in power fall. And they will do anything to make this happen. Even the talks with Snow white in the car, it make me feel a deeper situation. Maybe even beauty is down to it. This is the reason for which Faith cannot say a thing. It is the magic not letting talk. Actually I believe that Faith is in reality Red Hood in disguise. Having a ring, doesn't mean be that person.
Anyway, I believe that we will see, a different kind of stories unplotting, one in another until we'll discover that was all a deceiving scheme. The cape was meant for Lawrence to escape as well, but Woody stole it and here the complication of everything. Lawrence was just unlucky. Or not? The fact that the gun smoke was shooted a week ago, it was too much of coincidence if you noticed for that kind of deaths. Fable don't die that easy we learned that with woody. And as well why having the knife on the ground with blood?
We'll find plots on. No reason to have the ring in the mouth of Faith, if not to make her identify herself and scare the Major. Shit are going to happen, all the rest, it is just shit happening to make things more intense.
Anyway, I am really excited about this game. And just having fantasies about it 
Either way, it is fun to think about possibilities, I cannot wait to hear more.
Comments
Interesting take on it
The pig saying "you need friends, because we live a long time" it really make me feel about loooooooong grudges about people of Fables. And I was trying to think who might have grudges to put Woody in the bad scene or what connected the two girls.
Faith's Dad is dead though(Going with what the mirror showed us) and so are the seven dwarves. And going by the events in the comic, it's probably not Red Ridding Hood, though that was a good theory.
Like I said, you have to stop thinking about the comic. I am sure that TellTale will try to merge the meaning. But the game is a way to breaks the rules and try to tell something that didn't happen. Otherwise Snow white would never have died. And I tell you it was an amazing surprise when I saw it because I was expecting Beauty.
I agree that Faith's Dad is dead, but I still feel weird that we only see a skeleton hand. I feel really that the mirror can be deceiving. It is a perfect setup for a surprise later.
And sincerely I hope to be wrong, and have fun changing theory!
That's a good point, I like your idea of it being someone in the book
And if that's the case then Red has to be it, she's the only character on that page who is said to have probably not made it
It doesn't actually say anything about the Horseman so I don't think he's even a problem
Also your evil to good/good to evil theme I think is spot on, it fits with all the motifs so far
It's in the same continuity as the comic though, so you can't stop thinking about the comic and TellTale is very respectful of the source material.
Which I'd Snow probably isn't staying dead or isn't really dead at all. The next episode is called "Smoke and Mirrors" after all.
It makes all intimate you know. It is all about the story of The Wolf, The Red Hood and the Hunter, the whole thing. It makes sense as you try to tell a story like that.
It is all how who looks nasty is actually not nasty. And who looks good it is actually evil, and who looks like an hero it was just the scum of earth.
Anyway we'll see what happen. The wolf among us I imagine that it means like the game about the bad man that it is inside of us and we don't show it. And I believe the main character to give it depth it is the opposite rule. I have to look for the comics now!!!
I agree that they at the end they will respect it. But at the end. I sincerely I am bought by a story told like this, and make me want to be a new customer of the lore and whole story.
There may be no serial killer. Snow can't be dead. So can't be Faith. Somebody is kidnapping women. Grendel said that Holly's sister disappeared.
Good point!