This is how I would end LOST.
Most of us have come to the conclusion that the flash sideways are the conclusion and resolution of our character's stories once the end game of the island has been played out. Going along with this reasoning, I am going to venture a guess that the very last thing we will see is Jack about to be beheaded. I'm guessing that Jack will ultimately have to sacrifice himself for the benefit of the rest of the group. That is the thing that Jacob hints about Jack having to decide to do on his own.
Throughout the series we have seen many allusions to Alice in Wonderland and I am guessing that MIB will say something very Queen of Heartsesque “Off with his head" or some such. Just as the blade is about to slice through Jack's jugular the screen will flash to black with the LOST title card. This ultimate sacrifice of Jack will end Jacob and MIB's game, causing their existence and influence in time to disappear and allow redemption and a "normal" life for everyone. This is how I explain the little cut on Jack's neck at the beginning of LA X.
Why Jack needs to sacrifice himself to absolve every one of their sins is anybody's guess, but I am confident that we will learn little nugget about our favorite spinal surgeon/Christ figure before the end of the series.
Feel free to throw stones.