Among the likely outcomes of the events of No Way Home is the rise of a new Hobgoblin within the Marvel Cinematic Universe in the form of Peter’s friend, Ned Leeds.  While no direct confirmation has been given on his descent into villainy, recall that comic book Ned Leeds took up the Hobgoblin persona, albeit after being brainwashed by Roderick Kingsley. Ned’s actor himself, Jacob Batalon, had expressed the intent to portray Hobgoblin in future films, and the MCU’s direction has implicitly set up Ned’s character arc in one way or another after the reveal of his magical abilities.