@lauren I think, just this one, I'm going to put on my conspiracy theory hat and conclude that Wagner is now the one calling the shots. Putin is a strongman, and his power is gone if he is no longer perceived as one. But Wagner had all of the tools in place to depose him (or at least make keeping power very expensive) and they're going home.

So my guess is that Wagner has reached an agreement behind the scenes that Putin will continue to be nominally in charge, but is no longer in charge of at least the Ukraine campaign. It may very well be in Wagner's best interests to hold the actual reins of power and not have to take the shots for the consequences of bad decisions.