WMG / The Legend of Zelda: Phantom Hourglass

Zauz is this timeline's incarnation of Ganondorf.
However, instead of trying to kill Link, he's biding his time as he can't defeat Bellum due to his ancestor's power being weakened in The Wind Waker. So he helps Link defeat it in the hopes that with Bellum out of the way, he can Take Over the World.
  • But Hyrule Historia confirmed that this game is a direct sequel to The Wind Waker, so that wouldn't really make sense.
    • The World of the Ocean King isn't nessecarily the world Hyrule is in.

Alternately, Zauz is the first of many male Gerudo
This was originally going to be "Zauz is the next male Gerudo", but Ganondorfs death isn't distant enough for that to be plausible. Perhaps Din lifted the restriction on male Gerudo, which is shown with Linebeck the Third having darker skin than his grandfather.

The World of the Ocean King is Termina several hundred years later, flooded just like Hyrule was.
  • Jossed with the release of the Hyrule Encyclopedia - if it is canon, Termina was only a temporary alternate universe, created by the power inside Majora's Mask based on Link's and Skull Kid's memories of Hyrule. After the mask is destroyed, the realm loses its sustenance and ceases to exist once Link leaves. (This would also require the two games to take place in the same timeline branch, which they do not - technically, Termina wasn't ever even created in the Adult branch.)

Bellum is this timeline's version of Majora.
Both Majora and Bellum terrorize a pocket dimension version of Hyrule, and they both also have those creepy yellow eyes. Perhaps an octopus accidentally grabbed Majora's Mask after Termina flooded.
  • Jossed; see above. Majora's Mask couldn't have come from Termina, so it couldn't have ended up in the waters of the Ocean King.

The Wind Fish and the Ocean King are related.
Both are whales, both takes you back "to your world" after they awaken, and then turns out Link (and Tetra) were only sleeping for minutes at most. Too much coincidence.
http://tvtropes.org/pmwiki/pmwiki.php/WMG/TheLegendOfZeldaPhantomHourglass