As a lorefag I've wondered what it meant that the demigods "started to fall" when Godwyn was killed (as stated in the story trailer).
My initial assumption (during my 1st playthrough) was that they had existed as divinities and fell to the earth, essentially becoming mortal (like in the Time of Troubles in the Forgotten Realms setting).
Now I figure it just means that they started falling from Grace, due to crappy actions prior to (and during) the Shattering.
- Marika, Ranni, and Rykard's conspiracy was revealed. Marika was imprisoned, while Ranni & Rykard avoided that fate by shedding their bodies.
- Miquella & Malena rebelled against the Erdtree, and wanted to establish a new order based on the Haligtree.
- Radahn initially remained true (and likely wanted to restore the Golden Order, being a fanboy of Radagon & Godfrey), but was infested by woman-rot and started eating his comrades.
- Godrick turned to dragon communion & grafting in a desperate attempt to equal the power of other demigods (likely motivated by wanting vengeance against Malenia, who shamed him).
- Mohg wanted to establish a Pedo Dynasty.
I think Morgott was the only demigod who remained true to the Golden Order, and desperated tried to keep the decline at bay.
One thing I found interesting is that when Morgott's body disintegrates, he becomes Grace that directs Godfrey towards us:
One thing I missed: Who exactly is supposed to control Grace? Marika, the Greater Will, or the Two Fingers?
I
think Marika. Seem to recall that she's the one who removed Grace from Godfrey, once he had served his purpose (defeating all her enemies). That also suits how Grace can guide people (like us & Godfrey) into conflict, as conflict seems to be exactly what Marika wants (according to Gideon).
Just some thoughts & observations, let me know if you've got different interpretations.