Straight: Lord Bad is defeated, but Emperor Evulz is the real villain all along.
Exaggerated: Lord Bad was a flunky to Baron Cruel, the Big Bad... who was a flunky to the Big Bad Count Dastardly... who was a flunky to the Big Bad Duke Egregious... who was a flunky to Big Bad King Overly-Long Gag... who was a flunky to the final Big Bad Emperor Evulz.