Many of us (me included) are complaining about no one dying, apart from the dream sequences. But I really do think that when the time comes, these characters are going to get massacred. I really see no one but perhaps Jimmy, Desiree or Maggie surviving the finale. The freaks are surely going to die, be it by Dandy, Dell, Stanley, or now even Penny's father. Ma Petite hopefully will make it out alive.
Then come the main characters. An asshole like Dell is surely going to bite the dust, hopefully by Desiree. Ethel only has at most a few months to live, so she's going for sure. Elsa I bet will meet quite a grim ending, maybe suicide once the Freak Show bites the dust? Bette and Dot will most likely die in an attempt at separation, or hopefully Bette survives (irony).
I think starting with Episode 8, it's gonna really be a Blood Bath.