HomeEntertainmentTVYellowstone’Yellowstone’s John Emmet Tracy Reveals Market Equities Is Nowhere Near Done Fighting the Duttons for Their Land (Outsider Exclusive)

’Yellowstone’s John Emmet Tracy Reveals Market Equities Is Nowhere Near Done Fighting the Duttons for Their Land (Outsider Exclusive)

by Jon D. B.
John Emmet Tracy as Ellis Steele, Kevin Costner as John Dutton in Yellowstone Season 5. (Photo credits: Paramount Network Press)

As Ellis Steele, John Emmet Tracy provides Yellowstone‘s most consistent Market Equities villain, and the best (or worst, depending on who you’re rooting for) is yet to come.

We first met Tracy’s resolute representative in Season 3 as Market Equities began their invasion of Montana. It’s important to note, too, that his Ellis Steele was the first ME adversary we’d meet on Yellowstone. Tracy believes he may also be the last one standing. Regardless, the corporation’s goal has remained the same throughout: pave Dutton land into an airport, hotel, and resort to match.

Season 3 was also an excellent time to enter Yellowstone. The Neo-Western rocketed far past its grassroots beginnings that year, just as Tracy found himself along for the ride.

“Jon, I thought you were about to give me credit for that,” the Yellowstone star laughs from his Canadian residence as we chat up the show. “I was going to say, ‘That is so kind of you!’ It all took off when Ellis came up over the bluff, there, with the other lawyers,” he grins.

Coming from a Midwestern family, Tracy’s kin were thrilled to see him join Yellowstone, even if it was as one of those lawyer types and not a Dutton cowboy. But this has meant anything but a “boring” venture for the actor.

‘The tactics have to grow to meet the obstacles, and the Duttons have proved a huge challenge for Market Equities’

“I feel as though the tactics have to grow to meet the obstacles, and the Duttons have proved a huge challenge for Market Equities. And I think Market Equities has proved a huge challenge to them. So I think you’re seeing everybody bring a tougher game to the table. [And] that’s just going to continue through this season,” Tracy says of Season 5.

John Emmet Tracy as Ellis Steele in Yellowstone Season 4. (Photo credit: Paramount Network Press)

His Ellis Steele has survived all of those obstacles up to this point, and the bosses that came with. First, there were Willa Hayes (Karen Pittman) and Roarke Morris (Josh Holloway), followed most recently Caroline Warner (Jacki Weaver). Now, with Willa MIA after Season 3, Roarke dead thanks to Rip Wheeler’s rattlesnake-filled cooler in Season 4’s wild premiere, and Caroline sent packing back to NYC early in Season 5, Ellis is their highest-ranking presence left. So surely we haven’t seen the last of Steele, despite an absence from the last few episodes.

“Well, you never know! We could find him at the bottom of the ‘train station’ gorge! We’re not really sure what’s going to happen there. That’s not a teaser, or a spoiler, I should say, but I do think there is more coming,” Tracy nods.

“As we know, Market Equities came into this thing completely underestimating Montana. The people, the way of life, the culture there, the relationship to the land. That’s all a major theme in this thing,” the Yellowstone actor continues. “But I said this early on, [Market Equities] is in this for the long game, and I think you’re starting to see that now.”

John Emmet Tracy Says ‘Yellowstone’ Season 5 Will Showcase ‘Surprising Things That the Audience Hasn’t Seen on This Show, Ever’

Indeed, Ellis will have to up his game now that the cleverness of Beth Dutton (Kelly Reilly) has sent his boss, Caroline Warner, packing. Sarah Atwood (Dawn Olivieri) remains as an ME ally, but her sole focus is on further corrupting Jamie Dutton (Wes Bentley). Either way, her wild card character doesn’t feel the type to assume CEO-esque leadership on someone else’s terms. Which, again, leaves us with cool-as-a-cucumber Ellis Steele to finish the job Market Equities started.

“They don’t have any intention of backing down,” Tracy promises. “As Beth Dutton said to Caroline Warner last season, ‘One leader falls and another one rises.'”

As the Yellowstone star notes himself, “Ellis is the thru-line through all of this. I’ve had a few bosses come and go, so he’s digging in his heels. I think we’re going to see some surprising things that the audience hasn’t seen on this show, ever,” he reveals. “How’s that for a tease?”

We’ll take it. John Emmet Tracy and his Yellowstone co-stars return with Season 5 each Sunday at 8 PM ET / 7 PM CT, exclusively on Paramount Network.