That’s how I read it and why I thought the ending was funny. Even after being relieved to get Hobbes back and being genuinely grateful to Susie, he still snitched the cookies.
That rascally Calvin…
Untrue; Athena is too neat for that. She’s made up the rules long since, but has not yet revealed all of them to us.
So, you’re saying she’s playing Athenaball with us?
When Calvin is not around, Hobbes is just a stuffed toy. But when Calvin,* and only Calvin*, is around, Hobbes becomes a real Tiger; he is *never *a product of Calvin’s imagination.
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With you. 
Shortly after reading this thread, I was watching Sky’s Moone Boy series.
This has Chris O’Dowd as a young Irish boy’s imaginary friend. Like Hobbes, he sometimes provides the kid with wise counsel and sometimes just helps him get into trouble. O’Dowd’s character is invisible to everyone but the kid himself, and the series as a whole has a very whimsical tone.
He hasn’t donned a tiger suit yet, but wouldn’t it be a nice little tribute to C&H if he did?
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I especially like Calvin’s expression in the third panel.
According to this comic, Hobbes isn’t real in front of cameras, either.
I would say that he’s only real to Calvin, not to anyone else – but that Calvin’s version of reality is as legitimate as anyone else’s.
Moreover, I’d add that he’s always real to Calvin, whether anyone else is there or not. I don’t think there’s any ambiguity about this point. Calvin never sees Hobbes as a stuffed toy, even when other characters are present. The illustration is to remind the audience of how the other characters perceive Hobbes.
Same with this one.
Yes, Calvin threatens the bully with Hobbes in his stuffed state.
Like Calvin, I thought to visit school bullies in jail as kindness, but I am going to banks, asking them for loans. :dubious: