A/N: I do love the original ending of Oblivion, I really do. But in reality, this is how I think it would have happened.
How TES IV: Oblivion Should Have Ended
"The Dragon Throne is empty, and we hold the Amulet of Kings! Praise be to your Brothers and Sisters! Great shall be their reward in Paradise!" Mankar Camoran, leader of the Mythic Dawn, preached over his group of acolytes.
"Praise be!" the followers responded with reverence.
"Hear now the words of Lord Dagon. 'When I walk the earth again, the Faithful among you shall receive your reward: to be set above all other Mortals forever.
"'As for the rest: the weak shall be winnowed; the timid shall be cast down; the mighty shall tremble at my feet and pray for pardon.'"
"So sayeth Lord Dagon. Praise be."
"Your reward, Brothers and Sisters! The time of Cleansing draws nigh. I go now to Paradise. I shall return with Lord Dagon at the coming of the Dawn!"
Before Camoran could escape into the summoned portal to Paradise and away from his followers, away from the one who was not following, the one who would stop him, all his dreams and plans and hopes were destroyed by an arrow that had found it's way through his heart.
The others did not understand what had happened, why their "Master" lie lifeless on the ground, until they met the sharp end of an Akaviri Katana. Then they all lay dead on the cold cavern floor, blood all around.
A pair of black boots stopped at the corpse of the once-influential Altmer. A gloved hand reached down and took the sacred Amulet of Kings away from the insane mer.
The same hands then conjured up a glowing silver ball that enveloped the "holy" Mysterium Xarxes, and when it faded, the book was gone.
"On behalf of the Elder Council, I, High Chancellor Ocato henceforth declare you, Martin Septim, son of Uriel Septim VII, the new Emperor of Tamriel." Ocato pulled back, smiling proudly, after resting the Red Dragon Crown atop Martin's head. "May you guide us into brighter days."
Cheers and shouts and tears of joys erupted all over the courtyard surrounding the White Gold Tower and everyone knew that happier times were ahead. Celebrations and feasts would be held all over the nation in honor of the Emperor, his Blades, and the lone hero.
Martin smiled as he placed his hand on the Hero's shoulder.
"Thank you, my friend. We could not have done any of this without your help. I owe you a personal debt that can never be repaid."
The hero smiled back, also placing an armored glove on Martin's shoulder.
"It was nothing."