LOST: Which Loophole?

New Idea:

Nemesis's loophole. We think the loophole is Ben killing Jacob, but this isn't really what Nemesis wants is it? He just wants to go home -- whatever the hell that means.

Just as an aside, loophole is such a dead metaphor, that for the longest time I didn't think of the actual vehicle of the metaphor itself. If Jacob is the weaver of fate, then loophole really isn't a metaphor at all, is it -- it's kinda literal.

Nemesis taking on the shapes of animals got me to thinking (don't take much), and then somebody (CiB again?) pointed out the Dharma Shark (that would be a cool name for a geek band, huh?) that I had missed, and the idea crossed my mind that the Dharma Shark is Nemesis. Which led me to a different question. So in all of this discussion, the question that I didn't see asked is:

Now that the island is at the bottom of the ocean (in LAX Jack's reality), where are Jacob and Nemesis?

Maybe the loophole wasn't killing Jacob at all? Maybe the loophole was conning Jack into detonating the Swan. Perhaps the energy pocket was Nemesis's prison or the power source for it or something. Perhaps sinking the island set Nemesis free (at least in one alternate reality) and this was the loophole?