The merging of the Magic World and the Real World had begun…
Al, Eishun and Konoemon are outside (Al presumably as a split body) and they can all recognise the image/whatever-it-is as the Gravekeeper’s Palace. Al can tell that there’s a fight going on – between Negi and “the tool of the Creator of that world”.
Back to Negi and Fate, who are slugging it out. They both praise each other: Fate on how Negi’s strikes were now on the same level as Rakan, and Negi on how Fate could deal with a lightning-speed melee. Fate starts laughing, saying how he finally understands what Rakan meant by ‘having fun’.
Fate says that Negi’s power now exceeded his own, because Negi’s power was the power of darkness – doubtlessly the same power as “my lord”*. Fate asks Negi if he understands how much it will cost him. Suddenly, they both notice Mahora up in the sky.
* He uses ‘waga nushi’ for some reason. A typo of ‘waga aruji’ maybe?
Eva and Zazie are still watching. Eva knows for certain that she’s looking at Negi. Chachazero comments on how Eva had lost the scroll in a bet with Rakan. Zazie asks if she was happy that her disciple was following her teachings.
The 3-A girls suddenly show up next to them. Chidzuru uses a telescope to find Negi-kun on the Palace. According to the girls, there are bets going around the Mahora students as to what exactly the ‘image’ above them is. Ayaka approaches her… and asks if she should be calling her ‘Dark Evangel’ instead. In any case, Ayaka begins ‘Project 3-A’ to “support Negi-sensei no matter what happens”, starting with Hakase collecting information and Satsuki keeping everyone well-fed.
Zazie smiles and says that their class was the same as usual, and that was the way she liked it, though she asks if Eva was going to stop them; Eva instead tells her that if something happens, she’ll find a way to handle it.
Well… considering what Akamatsu said on Twitter, I’m guessing that it’ll be switching back to either Setsuna (or Ala Alba, I guess) in 322, which will be coming out March 30. But speaking of the current chapter, Fate does mention two things: one would be that Negi now apparently has a level of output comparable to Rakan, and two is Fate clearly stating that Negi is more powerful than him.
On another note, Zazie is awesome.