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#i've always HC'ed him as unlabelled but been amenable to either gay or bi interpretations
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i think i finally understand the exact reasoning behind how both will and mike's sexualities are presented, and how those presentations flatter each other.
will is barely queercoded from a subtextual perspective because there's no need to queercode him. the writers verbally establish in season one episode one that people percieve this kid as gay, so you're immediately guided to see him through the same lens, at least subconsciously. people continue to refer to him as gay and he continues to "act" gay, and most of the audience is able to see this for what it is very easily without the need for heavy symbolism. will being gay is simply treated as a fact from the start by both the characters around him and the writers themselves, for better or for worse.
MIKE, on the other hand, is so heavily queercoded it's barely even funny. he's the one with the queer imagery, the blocking, the set design, the lighting. he's never explicitly referred to as queer, it isn't so much as suggested verbally, but the sheer amount of incredibly blatant subtextual material that surrounds him is insane. none of the characters within the show have the slightest clue that mike is gay. there's a good chance that mike himself doesn't know, or has only begun to realize very recently. even the writers do their damn best to make it appear like they themselves don't know. still, the fact remains that he is, it just isn't expressed in a way that the homophobic masses both within and outside the show are capable of picking up on. when he comes out it will be a shock to the characters and the majority heterosexual audience, but not to the queer people who pick up instinctually on the signalling. basically, you only know mike is gay if you have a genuinely functioning gaydar.
in this way they're so strongly representative of two very different gay experiences, both of which are important and both of which are treated respectfully by the writers, despite the setting.
will is the kid who never really gets the luxury of choosing whether to come out to people, because everybody has had him pegged from the start. even his own family: jonathan tells will he accepts him before will can even hint toward the topic himself. however as much as we're told that he "seems" gay to other people, all we are shown subtextually is a totally normal child who happens to have feelings for another boy. this is important because it subverts the trope of making "being gay" the "obviously gay" character's sole or core trait.
mike is the kid who people would never in a million years guess was queer. it's not just that he gets the luxury of choosing when to come out of the closet; he's so deep in it that he's drowning in winter coats. he's the "twist queer character," except he's not. his subtextual queercoding has been there beneath the surface for just as long as will has been textually referred to as queer on a surface level. this makes it clear that him being gay isn't some kind of last minute decision and the subtlety of his presentation wasn't an accident. if you don't knkw mike is gay now before it's revealed then you aren't supposed to.
they're foils like that. they're the archetypal queers, and i think it's kind of beautiful.
(and if anybody tries to argue that one expression of Queer Experience is more important than another then i'm coming for their kneecaps. having both experiences not only represented but thoroughly explored is so rare, although there are people all over the world who resonate with each.)
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