Todorov's equilibrium theory proposes that narratives follow a pattern of disruptions and restorations of equilibrium. According to the theory, a story starts with an initial status quo or balance of power that gets disrupted by an event. This disruption creates disequilibrium and drives the narrative as characters work to restore balance through various attempts. Eventually, the story reaches a final equilibrium that may or may not match the initial one. The theory outlines five stages: 1) initial equilibrium, 2) disruption, 3) recognition of disruption, 4) attempt to repair damage, 5) new or restored equilibrium. Power dynamics shift throughout the plot as the equilibrium changes, keeping audiences engaged until the final resolution.