  While the standard point of view is that the ultimate endpoint of black hole
evolution is determined by Hawking evaporation, there is a growing evidence
that classical and semi-classical instabilities affect both black holes with
inner horizons as well as their ultra-compact counterparts. In this essay we
start from this evidence pointing towards extremal black holes as stable
endpoints of the gravitational collapse, and develop a general class of
spherical and axisymmetric solutions with multiple extremal horizons. Excluding
more exotic possibilities, entailing regular cores supporting wormhole throats,
we argue that these configuration could be the asymptotic graveyard, the
end-point, of dynamical black hole evolution -- albeit the timescale of such
evolution are still unclear and possibly long and compatible with current
astrophysical observations.
