In The Rings of Power season three, the titular Rings of Power are some of the most dangerous weapons around in Middle-earth. And that’s why it’s such a big deal that one Ring of Power has been given out in the series, but we don’t know to whom… And it’s one of the most evil Rings of Power at that, one of the nine Rings for Men. A man who puts on one of the Nine instantly binds himself to Sauron, becoming a Nazgnagôl or Ring-servant and destined to become a Nazgûl. How do we know there’s an unaccounted-for Ring of Power? And who could the mystery Ring-bearer of this missing Ring be? Let’s jump into what The Rings of Power season three’s first four episodes reveal to us.

One of the Nine Rings for Men is Missing from Sauron’s Ring Box
We at Nerdist might be writers, but we can still count to nine. And it’s these basic counting skills that let us know a Ring of Power is missing and on the loose in The Rings of Power season three.
Here are the facts: Sauron has a total of nine Rings for Men to give to mortals he wants to bind to his will. In the first episodes of The Rings of Power season three, we learn of two Nazgnagôl Sauron made before the series began. The King of Lossoth and the King of the Haradrim both wear Rings of Power. Additionally, we see Sauron give out two more Rings for Men once the series starts. Khamûl the Easterling and Theo both receive Rings of Power. In all, that gives us a total of FOUR Nazgnagôl on The Rings of Power. Now to get some math going, 9-4=5.
So after the last Nazgnagôl, Theo, is made, Sauron should have five rings for Men remaining, but that’s not the case. When we see Sauron’s ring box just before he gives Theo a Ring in The Rings of Power episode two, it contains five rings, including Theo’s.

However, once Theo receives his ring, the box contains only four Rings for Men. That means FIVE Rings of Power have already been given out by Sauron, even though we only know the identity of four Nazgnagôl. One Ring for Men is missing from our awareness.
The Ring Count Confirms the Mystery of the Missing Ring Twice
Although we knew less about the identities of all the Ring-bearing Nazgnagôl the first time, the series shows that a Ring for Men is missing on two separate occasions. Before Khamûl accepts his Ring of Power from Sauron in episode one of The Rings of Power season three, we also see inside Sauron’s Ring Box and can confirm that there are six rings inside of it.

That means Sauron has already given out three of the nine Rings for Men, and Khamûl is his fourth Nazgnagôl. At the time, another Nazgnagôl could still have been name-dropped casually, as the King of Lossoth and the King of the Haradrim are in episodes one and two. But throughout the first four episodes of The Rings of Power, the mystery identity isn’t revealed, which makes us feel like something important is at stake with this missing ring.
Who Could the Mystery Ring-bearer Be?
And now we ask the all-important question. If one of Sauron’s Rings for Men is missing from our sight, who has it? Well, our money is on Númenor’s Kemen. For one thing, Kemen is present in Middle-earth during the time Sauron is giving out rings. And he makes a big deal about NOT accepting a ring on multiple occasions, fussing in two separate scenes that “magic rings” are a silly concept below him and Númenor. The annoying jerk doth protest too much, perhaps.

Also, Kemen is NOTABLY covered in all kinds of ceremonial brooches and elaborate clothing. And yet, he has not one ring on his fingers. We might say he’s notably ring-less. Furthermore, Kemen is the kind of self-important, ill-mannered, selfish, self-absorbed coward who would be drawn to a Ring of Power. He has all the awful qualities Sauron seeks to manipulate.

Then, of course, there’s the simple fact that he’s one of the few original characters left in the series who fit the bill of “Mortal Man.” We know three of the nine Rings for Men go to Númenóreans, so that makes Kemen’s odds of having one pretty good, whether or not it’s this ostentatiously missing ring. If Kemen DOES have the missing Ring of Power, why isn’t he wearing it? And how could Sauron have allowed that to happen? Well, those are good questions. But Sauron does enjoy messing around sometimes, simply to see what happens.
Of course, it’s totally possible that the mystery of the missing fifth ring and ring-bearer isn’t important and the fifth Nazgnagôl is simply some mortal man out there in Middle-earth with a chip on his shoulder. But we sure feel like The Rings of Power showed us the ring box enough times for it to make an impact.
We’ll have to wait and see as the The Rings of Power season three continues to air on Prime Video.