WARNING: Spoilers for The Agency episode 5 follow.
Episode 5 Analysis: “Rat Trap”of The Agency
The latest episode of Paramount+’s political thriller series, The Agency, titled “Rat Trap”, brings rising tension as Danny finds himself in precarious circumstances while Osman intensifies his pursuit of the real identity of Martian’s “Paul Lewis”. Developed for American television by the talented duo Jez and John-Henry Butterworth, recognized for Edge of Tomorrow and Ford v Ferrari, The Agency draws inspiration from Eric Rochant’s acclaimed 2015 French series, The Bureau.
Despite its esteemed source material and star-studded cast—which includes Michael Fassbender, Jeffrey Wright, Richard Gere, Katherine Waterson, John Magaro, Saura Lightfoot-Leon, and Jodie Turner-Smith—The Agency faces a mixed reception, currently holding a Rotten Tomatoes score of 67% following its two-episode premiere on November 29, 2024. The first two episodes, titled “The Bends”and “Wooden Duck”, depict Fassbender’s character, “Paul Lewis”, abruptly pulled from a six-year undercover operation to trace a missing Belarusian CIA operative known as Coyote. Episode 3, “Hawk from a Handsaw”, follows the plight of three undercover “Felix”agents attempting to evade Russian forces in Ukraine. In the fourth installment, “Quarterback Blitz”, Martian collaborates with a KGB operative, Mikhail, to locate their missing operative in episode 5.
New episodes of The Agency premiere every Friday on Paramount+.
Uncovering Coyote’s Intel Leak
Coyote Exposes a Critical Dead Drop Location

In this gripping episode, Martian and Henry connect the dots and reveal that their missing Belarus operative, Coyote, has been leaking sensitive information. Their breakthrough comes when they question Owen, Coyote’s main contact, about a Belarusian dead drop address, “31 Ulitsa Bratskay”. Owen’s confirmation that this was a site for covert intel transfers leads Martian and Henry to realize it has been compromised, as they discover that only Coyote and Owen were privy to this crucial location.
As the CIA grasps that Coyote may have been compromised, Owen finds himself in a perilous situation at Coyote’s apartment in Belarus. A sudden visitor raises his suspicions while Bosko, aware of the risks, instructs Owen to exit quickly before it’s too late. In a heart-pounding moment, Owen locks the woman, a supposed associate of Coyote, in a closet after finding a weapon. However, this misjudgment culminates in a critique from Martian back in London, as the woman turns out to be entirely innocent.
Danny’s CIA Interrogation Experience with Edward
Martian Utilizes Edward to Evaluate Danny’s Tenacity

Following an uncomfortable encounter with Professor Rez, which sees him making unwelcome advances towards Danny, the latter is subsequently abducted by two agents, suspected to be affiliated with MI5. This incident forms a catalyst for her ensuing ordeal.
Once kidnapped, Danny finds herself confronting a man named Edward, who—much to her surprise—is also a CIA operative. Under the pretext of being an adversary, Edward is directed by NAomi and Martian to subject Danny to a rigorous examination, mimicking the pressures of a genuine hostage situation. After enduring both physical and psychological challenges for several days, Danny successfully displays her resilience, earning a commendable B+ from Martian, and igniting a budding romantic interest in Edward.
Insights from Owen’s Visit to Coyote’s Apartment
Coyote’s Psychiatrist May Hold Key Evidence

Owen, lacking the experience of an undercover agent, initially compromises his identity at Coyote’s apartment. Despite believing himself secure posing as a friend of Piotr’s, he soon realizes the gravity of the situation. Before being rescued by the CIA’s “dry cleaners”, Owen discovers that Coyote had been prescribed undisclosed medications by a psychiatrist, raising serious alarms within the CIA as it signals a potential vulnerability. Martian refers to this psychiatrist as the “hole in the boat” , indicating that this may serve as a pivotal lead as they progress ahead.
The Mystery of “Valhalla”in Coyote’s Shower
Investigation into Possible Exposure of Coyote

A lingering question that persists through to the end of episode 5 is the identity of the person who inscribed “Valhalla”within Coyote’s shower. When Owen initially enters the apartment, he detects signs of recent activity in the shower area. His ensuing phone call to the CIA leads him to discover the enigmatic inscription. Owen’s initial assumption absolves a visitor from any connection to this mysterious note.
The term “Valhalla”, with its historical connotations, may imply Coyote’s demise. However, it could also serve as code for an undisclosed mission or relationship that Coyote had before his exposure. This hints at the possibility that he unwittingly revealed secrets to an intimate partner who, in turn, may be linked to opposing intelligence forces.
Analysis of the Burner Phone at the Kebab Dead Drop
Simon Unearths Intel from 2023

A suspicious message sent to a phone linked to Mikhail indicates the sale of a “well-loved bike”, which serves as coded language regarding Coyote’s situation. This highlights Mikhail’s awareness of Coyote’s whereabouts, suggesting that the dead drop at the previously mentioned address has been compromised. Following this, a CIA operative, referred to as “Grandpa” , recovers a white burner phone from the kebab shop and takes it back to London.
Upon further investigation, Simon uncovers an event scheduled for April 26, 2023, listed on the burner phone. The details—”8 AM, Locker 145, Code 66848, Goswell Road Estate” —could either indicate an imminent meeting or provide insight into Coyote’s last known activities. The ambiguity surrounding this date leaves room for exploration in the subsequent episode, as Martian is expected to take charge and possibly uncover crucial information related to Coyote.
Osman’s Revelation of Paul Lewis’s True Identity
Paul’s Failure to Report the Robbery

As the plot surrounding Coyote unfolds, Martian grapples with personal challenges stemming from his relationship with Sami, which unveils troubling complications unbeknownst to the CIA. Osman, alongside his accomplices, tracks “Paul Lewis”, who temporarily resides at a hotel with Sami. An encounter turns violent when Paul, despite his civil training to absorb beatings, is assaulted.
His choice not to report this incident to authorities raises suspicion for Osman, who dismisses Paul’s narrative of being merely a teacher and aspiring writer. The culmination of these events leaves Osman considering how to eliminate Paul by the conclusion of episode 5, while Martian inches closer to unraveling the actual connection between Sami and Osman within a property linked to a Chinese billionaire.