Hmm. Yeah, maybe it's not the best idea to throw assumptions on who's the King with little evidence. Looks like we've got the classic unreliable narrator in our hands. Could Arisa really be the King? I don't think so, mainly for the fact it doesn't seem fitting the King would throw herself away out of regret when they've dug this deep and Manabe may be accusing on impulse. I've just got a gut feeling there is more to the story (And also that spoopy shadow guy, but cough cough, we don't mention 'em).
Also, I don't think it's wise to declare that you'll be the hero and stop the King to the comrade. I feel like Tsubasa's naive sense of justice and the black and white perspective on who's good and who's bad will become main themes to the story and also Tsubasa's development as a character.
Over-reactive middle-schoolers and identity of Kings and Queens, there's nothing I can do from here but read. Tim to binge!