While Forrest has put a lot of though into his theory, he leaves one crucial gap--WHAT ABOUT BALAMUNG??? Balamung comes with this suit of armor that makes its wearer invulnerable, right? Or at least, so Bungie tells us. So, if this armor makes its wearer invulnerable, and Balor has it, how is it possible that Alric can kill him? He's invulnerable, which should mean that nothing affects him (okay, maybe the Eblis Stones, but that should logically be it). Clearly, since Balor is killed, and his head thrown into the Great Devoid to keep him from coming back, it must not work like that. BUT...what if the armor really doesn't make its wearer invulnerable, but in reality simply resurrects its wearer after he gets killed. This would explain why it is so hard to kill Balor. Now, since we know that this difficulty in actually killing them is one of the few traits constant in all incarnations of the Leveller, it makes sense that this is because they would all have been wearing a suit of armor much like Balor's--OR, they were actually wearing the original suit, and simply lost it to the hero that saved the world from them, who in turn was infected by this suit that contained the Leveller, and the cycle begins anew...
This would explain why the Leveller is always the great hero of the age--he is simply the one who ended up wearing the armor.
Now, we come to the good part. What about Alric? Remember, as far as we know, he is unique in the history of the Ages in that he is not a warrior but a wizard, and so does NOT don the enchanted armor and pick up Balamung to finish the job. So the Leveller, exerting its influence, retrieves Soulblighter from the Great Devoid. Because the Great Devoid is a bottomless pit, and because the Fallen Lords draw their power from Balor, it is logical to assume that Soulblighter would not have been able to escape on his own--and, of course, he is bound by numerous powerful dreams to, in essence, die before Balor. If he could escape on his own, he would only be able to do it with Balor's head--which Balamung most probably did not want. After all, its work in terms of population control and all that was done--the entire population of the empire of Cath Bruig and most of the population of the Province had been exterminated, for Wyrd's sake. So when Soulblighter was retrieved from the Great Devoid, it was not as further population control, but to force Alric to don the enchanted suit of armor, and take up Balamung to defeat him.
So will Alric become the next incarnation of the Leveller? Possibly, but it is extremely possible that he won't--remember, Balor's head in the original game is thrown into the Great devoid helment and all, or at least it is according to the actual action in the game.
I can't prove it, but I suspect that the Leveller may also be Wyrd's antithesis. I think the reason the Trow hunted all those other races to extermination was because they were controlled by the then-current incarnation of the Leveller (remember, if this thing is a divinity, it would have to be OLD!!!) This would fulfill its purpose rather nicely, as any new species would simply be eradicated. Then, in the Oghre revolt, the lesser brethren of the Trow, i.e. the Oghre, killed whoever it was who wore Balamung. After all, any suit of armor that is that powerful can be expected to fit itself to its wearer, right? It wouldn't be that big a deal. Besides which, Alric is certainly smaller than Balor, and both still manage to be able to wear it. Anyway, once Balamung disappeared, all was well and good, except that the Trow went beserk and exterminated the rest of the Oghre. Only, without Balamung and the Leveller, the Oghre and the other younger races were no longer exactly easy meast. So the Trow, realizing that they could no longer afford to commit genocide against all the younger races, stopped--and Balamung moved on, eventually resurrectign itself among the lesser races.
