This discussion may contain spoilers!
Some of us theorized that Bigby would go undercover to go after Mary and/or Crooked, or that Cindy would show up and Bigby would recruit her to infiltrate among Crooked's crew to help with the investigation or something. But nothing this cool happened, and the title remains a mystery for us to make sense of.
As none of the known characters have shown to be a wolf in sheep's clothing (I though maybe Beauty and Beast would play that role when they called Bigby, but, the way I see it, they are not completely innocent but still sheep in the scope of the story), I guess that the role is left for one of the new characters to fill... And there's only one that presents himself as a sheep, the Butcher.
While Jersey is just a thug for us to dirt our hands (without him ep.4 would have had no action at all, shit), the Butcher plays victim from the very moment we meet him. He presses the silent alarm, plays dumb and runs off expecting Bigby not to get to him in time as he tried to hide the door for the, uh... "magic lab". But did he seriously expected us not to find it? That we would leave without answers? Or that we would believe that he doesn't know anything about what was going on? Come on... He surely knows way more than he's letting out, and I'm betting that it's not fear that's holding him from us. Considering that he may be that wolf in sheep's skin it's possible that he may very well be "the guy". Maybe that's what we will find out after chatting with Crooked... that Butchy is doing something behind his back, that Mary is also in it, and that their treacherous schemes are compromising/endangering his business/operations, attracting unwanted attention at least.
Note that I'm not saying that Crooked is a good guy, but that he may have his thing (I bet he will just present himself as a necessary evil, not a harm to the Fable's community) and that this whole mess goes against his interests. That's why/how I think he will end up teaming up with Bigby to solve the case.
Any thoughts? Other theories are welcome. One could say Woody helping out Bigby was the wolf in sheep's cloth... that in the end the whole thing will be as simple as the drunk guy murdering Faith because after she made him fell humiliated, and then going after the prostitute he had a thing with and betrayed him send another bitch (hate that word) to cover for her, forcing him into this mess... but I wouldn't bet on it. Not at all, lol.