These new characters & stories show exactly what ‘Billions’ Season 2 needs to be

As the Feb. 19 “Billions” premiere set the stage for Season 2, “Dead Cat Bounce” (Feb. 26) is the payoff to that set up.

Only two episodes in, and already this second season feels more satisfying and fluid than its first — which just goes to show that sometimes, even good shows must suffer before they can move on to greatness. The sometimes tedious nature of Season 1’s central rivalry may, in the end, become one of the biggest reasons this second season succeeds.

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Because as Lawrence Boyd (Eric Bogosian) tells Axe (Damian Lewis) at episode’s end — asking for aid in taking on Chuck Rhoades’ (Paul Giamatti) unexpected lawsuit — he’s the only one to take on Chuck directly and walk away virtually unscathed. Now, viewers know that’s not necessarily true for either side, but it does speak to how Season 1 is informing the show’s second season already.

One of the show’s freshman issues was of course its leads’ penchant for self-aggrandizing speeches about being giants of their respective industries, at the cost of onscreen proof for those claims — it felt superficial and empty, and not in the way “Billions” delights in depicting. It was still a fun, tremendously well-acted series, but lacked the depth or weight it so clearly wanted to have.

That’s already very different in season 2, thanks to the ways Axe and Chuck’s rivalry is now illustrated and developed: Two men, practically unrivaled at what they do, have now spent two episodes trying to recover from the blows they’ve each dealt each other. They’ve been completely separated, as have their storylines been, for the most part: We’ve simply gotten to see Chuck and Axe at work, seen how they operate without the other always looming over the shoulder.

So when “Dead Cat Bounce” ends with Axe stepping back up to take Chuck on once again, and not through superfluous lawsuits either, there’s a real sense of danger and anticipation. Chuck is fighting for his very livelihood right now, and Axe understands that — so he’s coming back to finish the job before Chuck can even begin to stand back up again.

Last week’s premiere was heavy with its chess game metaphors — but we’d be lying if we didn’t admit to some legitimate excitement as the pieces of the season began to show themselves throughout “Dead Cat Bounce.” Especially when those pieces come in the form of exciting new characters, like new nonbinary character Taylor (Asia Kate Dillon), whose preferred pronouns are “they, their, and them,” and Axe Capital’s brand new motivational coach, the ridiculously self-confident Gus (Marc Kudisch).

Taylor finally gives Lewis someone to spar with other than Giamatti and Maggie Siff, and we’re sold that they’re worthy of his time and intellect, which is something Axe seems to appreciate as much as we do. Meanwhile, Gus provided the episode with some much-needed comedic relief — even his entrance itself was one of the show’s more entertaining stylistic sequences.

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There’s a sense of renewed confidence in this sophomore effort from “Billions” — including or thanks in part to the seriously talented filmmakers directing episodes this season: Last week, indie darling Reed Morano (“Meadowland,” “Lemonade”) was at the helm, while directing duo Anna Fleck and Ryan Boden (“Half Nelson,” “Mississippi Grind”) took over behind the camera this time around. Each director has brought a steady hand to their episodes so far, building on a standard set toward the end of Season 1 when filmmakers like Karyn Kusama (“The Invitation”) were brought in to direct.

Next week, famed documentary filmmaker Alex Gibney (“Going Clear,” “The Killing Season,” “American Jihad”) will be in charge, and we’re excited to see just what rhythm he can bring to TV — especially a series already more dynamic, and fun, than it’s ever been.

“Billions” airs Sundays at 10 p.m. ET/PT on Showtime.

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