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Series

Billions: a submissive lead, held for seven years

By Rasmus Øyen, Photography writer Published 19 August 2026

Work
Billions
Director
Brian Koppelman, David Levien and Andrew Ross Sorkin, creators; episode directors vary
Year
2016-2023
Kind
Series

What makes Billions Chuck Rhoades bdsm unusual on television has nothing to do with how much it shows. Showtime ran the series for seven seasons and eighty-four episodes, and the lead prosecutor is established as a submissive in the opening minutes of the pilot, which means the audience holds the information for more than three years before any character weaponises it. It is a series with the material rather than a series about it, and the long run is precisely what lets it avoid the single-episode revelation almost every other drama reaches for.

Showtime opened Billions on 17 January 2016 with its lead prosecutor bound on a floor while a woman whose face the camera withholds administers pain to him. The identity of the woman is held back until the end of the episode, when she turns out to be his wife. Paul Giamatti plays Chuck Rhoades, Maggie Siff plays Wendy, and the series created by Brian Koppelman, David Levien and Andrew Ross Sorkin ran for seven seasons and eighty-four episodes before finishing on 29 October 2023.

That opening is the most quoted thing about the show and the least examined. Worth spending a moment on what withholding the woman’s face actually does.

The pilot buys its shock by making a wife anonymous

For the length of one episode, Wendy Rhoades is a technique without a person attached. She is competent, silent and unidentified, and the scene is constructed so that the audience reads her as a professional providing a service. The reveal then converts her into a spouse, and the conversion is supposed to land as a surprise about Chuck.

It lands as a surprise about Chuck because the show has spent an episode treating her as furniture. Run the second and third passes of how to read a picture of power over that opening and the arithmetic is plain: the submissive party is lit, named, given interiority and given the point of view, while the dominant party is denied a face. The pose says one thing and the camera says the opposite, which is the oldest arrangement in this material and not remotely a subversion of it.

Everything the series does well with the subject afterwards is a slow correction of that first scene.

There is a footnote to it that belongs in the body. According to The Ringer’s oral history, Maggie Siff took the part having sought assurances that the material would be used sparingly and not salaciously, which is to say that the terms of her own visibility were negotiated before a frame was shot. That negotiation is the one the series never dramatises and the one its subject is actually about.

Seven seasons of the audience already knowing

Television’s standard treatment of kink is the revelation episode. A character is exposed, a marriage wobbles, an hour of plot is extracted from the exposure, and the subject is retired. It is a structure that treats the material as information, and information can only be delivered once.

Billions declines it, and declines it for a long time. From the pilot onward the audience knows. Nobody inside the story does anything with the knowledge for more than three years. In the interval the practice functions as characterisation rather than as jeopardy: it is a thing this marriage contains, mentioned, resumed, negotiated around, occasionally strained, and never treated as the plot’s engine. Eighty-four episodes is enough runway for a dynamic to be ordinary, and ordinariness is the register a two-hour film struggles to reach with this subject. Peter Strickland gets there in a feature by compressing a whole marriage into a single repeated routine. Television gets there by having the time to be boring about it.

When the disclosure finally arrives, in the fortieth episode of the series, the audience is not learning anything. That inversion is the show’s real formal achievement. The suspense in “Overton Window” is not what Chuck will say. It is what saying it will cost, and to whom.

The speech, and the person who did not agree to it

The speech, and the person who did not agree to it

Circumstances make this the part of the arc most worth writing about, and the part most often reported as a triumph.

Chuck is being blackmailed. Wendy argues that they should stand down, on the grounds that they will lose and be humiliated. Chuck argues that the boundary of acceptable public opinion is moving. Wendy disagrees, clearly and in terms, and Chuck goes to the podium and tells the state anyway. He wins the office. She is exposed by her husband, in public, having explicitly refused.

The episode is called “Overton Window”, after the political theory that describes the range of positions the public will currently tolerate. Naming it that is the most revealing thing the series does with the subject. The question of whether two people’s private arrangement can be said out loud has been converted into a question of political timing, to be won or lost by a strategist reading the electorate correctly. It is an accurate account of how disclosure works in public life. It also means the show’s biggest statement about kink is not about desire at all, and that the person whose desire is being disclosed is the one who is not consulted.

Reviewers caught it immediately. Writing for Refinery29 the day after broadcast, Elena Nicolaou argued that the heroic speech does not read as heroic but as selfish, and tracked the episode’s attention to Wendy’s face rather than to Chuck’s victory. That reading is available in the material rather than imposed on it, and it produces the sharpest irony in the whole run. A drama praised for taking consent seriously builds its biggest moment on a man overriding his wife’s refusal, and it does so in an episode where the thing he is disclosing is a practice that exists only by agreement.

Whether the show intends the parallel is arguable. That it commits it is not.

Where the writing flinches

Where the writing flinches

Two places, and they are related.

The first is the frame that came with the idea. By the creators’ own account in The Ringer, the material entered the show through research into powerful men who wanted to give up control, which is a compensation theory: the courtroom bully needs the floor at night to balance the ledger. It is a serviceable character key and it is also a diagnosis, and the series leans on it whenever it needs Chuck’s psychology explained. What it produces is a version of submission that is always about something else, always answering to the day job, never simply a preference the man has.

The second is Wendy. Her paid occupation is to sit inside a hedge fund and manage the interior lives of traders on behalf of the man who owns them, which is a power exchange conducted without a safeword, for money, over people whose livelihoods depend on the outcome. The series is comfortable examining what she does in the bedroom and noticeably less comfortable examining what she does at work. The kink is scrutinised, sympathised with and defended. The professional arrangement, which is the more interesting one, is mostly treated as expertise.

What the long run bought

Set against the rest of this section, Billions is the least ambitious of the series pages and the most useful. It does not argue for anything. It carries a submissive lead through seven years of prestige drama without making his submission his problem, and it hires people who know the subject rather than guessing, which is more than Bonding managed in its first season and more than Obsession attempted at all.

What episodic time teaches, and film has no way to learn, is that duration does the normalising by itself. Show a thing once and it is a statement. Show it across eighty-four episodes, in passing, between subpoenas, and it becomes a fact about two people. The reveal episode is the trope this material cannot escape, and the only reliable escape found so far has been to run long enough that the reveal arrives too late to matter.

Questions viewers ask

Is the BDSM in Billions confined to the pilot?

No. It is established in the first minutes of the pilot, which aired on 17 January 2016, and it recurs across all seven seasons to the finale on 29 October 2023. The load-bearing episode is the fourth of season four, "Overton Window", broadcast on 7 April 2019, written by Brian Koppelman and David Levien and directed by Clement Virgo, in which Chuck Rhoades discloses publicly. The Ringer thought that episode significant enough to publish an oral history of it the following year.

Where did the idea for Chuck's submission come from?

From research the creators did for another project. In an oral history published by The Ringer on 30 April 2020, Alan Siegel traces it to interviews Brian Koppelman and David Levien conducted with high-end escorts while writing Steven Soderbergh's The Girlfriend Experience in 2009, in which powerful clients were repeatedly described as wanting to surrender control. That origin is worth holding onto, because it comes with an interpretive frame attached, and the series never entirely puts it down.

Did the production work with anyone from the community?

Yes. A BDSM consultant advised the production, and the intimacy coordinator and BDSM professional Olivia Troy lists Billions among her credits, alongside the second season of Netflix's Bonding. The Ringer's oral history reports that early response from kink audiences was warm, mainly because the material was played straight rather than as a punchline, and that Maggie Siff sought assurances it would be used sparingly rather than salaciously.

Somebody had to work this out before it was filmed

Directors get months of rehearsal and a crew. Everyone else has a conversation and an evening.

See where it happens now