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The thing is Toho has placed a lot of restrictions, conditions and mandates over how Legendary is allowed to handle Godzilla. One of the reasons Godzilla fought another monster in the 2014 movie is because Toho required it. Among those heavily circulating, but not necessarily confirmed conditions was that Legendary is not allowed to kill Godzilla. This is the most believable one considering Toho's many requirements were put in place to avoid another 1998 debacle.

I'm sure there may be some loopholes in consideration of Godzilla's death; there may have to be another Godzilla to take his place. Or perhaps he comes back to life--But one of the most popular words on Toho's massive list of conditions was that killing him was off limits.

Besides, why kill the golden egg layer?

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I know Toho told IDW that they couldn't kill Godzilla in the comics.

 "With me, I've wanted to see how the world around Godzilla would be without him,"

It's an interesting thing worth exploring in the Monsterverse that might be possible as long as Legendary brings Godzilla back or he's simply mistook for being dead. (ala, Superman in Batman v. Superman it seems.)

But while Legendary has the rights to use Godzilla, fans need to undestand it's more of a conditional agreement: "You can borrow my car as long as you don't paint it or put bumper stickers on it and I have to okay the hubcaps."

This is largely because of the treatment Godzilla got from Hollywood 19 years ago. Now Toho is very strict about the way the character is used by other studios, comics, video games, etc. (Toho had an artist redraw an entire cover for one of IDW's comics because they didn't like how Godzilla's fingers were positioned.) Godzilla is always Toho's, everyone else is just walking on eggshells to borrow him.

I tend to think if this monsterverse is a big success and they keep it going after Kong vs Godzilla legendary will probably have to talk to toho about keeping the rights. Depending on their trackrecord with the monster I could see Legendary being able to negotiate killing their Godzilla at the end of their series.

I know toho supposedly gave Legendary a rulebook worth or regulations for G14, but this was the first hollywood outing for the monster since the 98 mess, so naturally toho would be super strict with their ruling at the time.

Not saying Legendary will kill him off, or could, but if their movies do well enough they might have more room to negotiate with Toho about that being a possible endgame scenario. 

Even then I feel like it has to be a "door open" scenario. On Legendary's end, just in case their "last one" makes a tone of dough, they would probably leave a thread available for yanking Godzilla out of the grave.

Lets be honest, no self-respecting company/studio decides to kill a franchise. If Marvel killed Iron Man, that's billions of dollars worth in films and merchandise that they're not receiving every year. I'm pretty sure Legendary is more than happy to abide by Toho's condition to not kill Godzilla.

I agree with everything you said Gman.

Huh, I never thought about that symbolism with Marlow and Gunpei. Very interesting theory

Sorry for posting kind of late, but I feel like if Godzilla dies, maybe Godzilla Jr. will appear and replace him, like in Godzilla VS Destoroyah. I feel like completely killing of Godzilla wouldn't be a good idea, as arguably he is the "title character" of the series. If he were to die, I think he should be replaced. No Godzilla at all doesn't seem like a good idea and I don't think TOHO would allow it.

"...I don't think TOHO would allow it."

Bingo.

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