The Legend of Korra/WMG/Love Dodecahedrons

For theories about other subjects, see The Legend Of Korra Wild Mass Guessing Index.

Korra's non-relationship with Mako is meant as character development.
At first, Korra is everything short of spoiled and didn't seem to take other's feelings seriously (Disobeying and not listening to Tenzin, pushily giving herself a spot on the Fire Ferrets' team, ect.). Since The Spirit Of Competition, however, there has been a gradual shift in her behavior (though it's equally possible that it has more to do with her encounter with Amon). Korra is obviously used to getting whatever she wants, but she allows Mako to be with Asami, even after he said that he liked her (Korra) as well as Asami. Korra sees that her advances and the resulting tension left them all unhappy and jeopardized the Fire Ferrets' reputation, and she agrees to be friends with Mako, even though it's not what she wants. Since then, she had quietly and sorrowfully watched Mako and his girlfriend from afar and has been acting more mature than earlier episodes. Korra's realizing that she can't always get what she wants, which is actually a big lesson for her.

Mako will spurn Korra's unwanted advances.
Sure, she kisses him. A body like that, a face like his, that Troubled but Cute demeanor? What young waterbender girl wouldn't want a boy like that? But does he want her back? Maybe he will, in the future... but imagine that someone you consider as a buddy, or a rival, suddenly up and kissed you... his rejection, and Korra's reaction to it, might be Mike and Bryan's commentary on that particular section of the fandom that didn't get what they wanted, and couldn't understand why. There will be heavy metacommentary from Korra, herself a slightly spoiled, sheltered, immature young lady, used to getting what she wants, unaware of how the real world works, and heavily influenced by media cliches and her own romantic fantasies: "We were supposed to end up together! We made the perfect couple! All the gossip magazines said so!" However, unlike The Ember Island Players, the pairing, and the pain of rejection, will not be played for laughs for long.
 * Korra doesn't seem like an Audience Surrogate. Though...it would be an interesting callback to the main series if Korra was simultaneously awkward and aggressive about romance, like Aang was.

Korra will have a non-bending love interest.
A mechanic perhaps?

Korra will be similar to Katara, and her love interest will be related to Zuko/a firebender
Korra won't be an expy of Katara, but will be similar enough that when her love interest is a firebender, or even related to Zuko, all the Zutara shippers will be able to latch onto them instead.
 * Or a dead-blind earthbender. ..How about she has a female firebender companion that has conflicts with her? Seems more plausible then a male one.
 * It would solve the shipping wars

Korra will not end up in a love triangle with Mako and Bolin.
Bryke have said that TLOK is going to have "cheesy teen romance", and it's pretty much a given that the main characters are therefore going to be dragged into drama. However, the currently fandom-accepted theory is that there is going to be a love triangle between the Krew. This is not going to happen. Bryke have proven themselves to be major trolls when it comes to shipping. It seems rather... unlike them to hint at a love triangle and then introduce Korra's companions as a pair of brothers when they KNOW this fandom is going to start the shipping immediately, as many fans have. (Despite, y'know, not knowing a damn thing about the characters. Come on, people.) Having Korra choose between the brothers seems too obvious for such master shipper trolls. My money's on the cheesy romance being between Korra and a character with a more minor role, or ONE of the brothers at most.
 * Alternatively, if the relationship is between Korra and Mako, it will NOT be some kind of Zutara expy. Bryke are good at writing realistic relationships between like characters (Katara and Aang are both idealists who want to help people, Sokka and Suki bonded through warrior training and are both good leaders, Mai and Zuko can understand each other's parental issues and emo outlook...) IF Korra and Mako fall in love, it will be because they enjoy spending time with each other and can connect on more levels then "fire + water = awesome" or "omg we're both hot let's make out." Bryke isn't going to slap a steambaby on them to placate fans who think they owe the fandom "a real love story this time."
 * Actually, Mako kind of pings my gaydar.
 * First WMG is Jossed. Korra has a crush on Mako while Bolin is very interested in Korra.

Bolin, with his woman-wooing ways, will see Asami Sato as the ultimate prize.
Shippers, Start your engines!
 * Nah, Mako will get with Asami. Why would a brooding, Troubled but Cute firebender get with a rich, non bender (who probably gets bored)? Why do Mike and Bryan do anything?To troll the Zutarians. You know it.
 * Signs are pointing towards Makorra being the direction things will go. Bolin puts on the fangirl charmer routine on Korra and it falls flat in "Leaf in The Wind". And later in that episode, Korra gets star-struck by Mako pulling off his hat trick. Next up, Korra trying to impress Mako and Mako playing it aloof (not evidence on its own, but in context it could be). And then the "long gaze across the bay at the air temple/arena" between them at the end makes it even more apparent (I just know that's gotta be a trope... what would it be?)
 * They're lulling you into a false sense of Shipping security.
 * I'm not so sure about that at this point. It's clear Mako see's Korra as a valued friend and teammate, but there's also hints that she has a crush on him. To wit: Her defensive reaction to Jinora's and Ikki's teasing when Mako came to visit, her jealous reaction when she learned he was with Asami, and her concerned reaction when she learned he was hit by a motorcycle. Mako may be Asami now, but I don't think we've seen the last of Korrako.
 * Not to mention their Hes Not My Boyfriend moment in "The Revelation", where they wake up leaning on each other and have a textbook reaction.
 * They were as blatantly obvious at declaring the shipping intent as they were with Aang and Katara in "The Fortuneteller". Their creator trolling has been just as blatantly obvious, and this didn't seem like it at all.
 * Watch this trailer, pay attention to the flashing images after 0:20, and reconsider your scepticism.
 * Seen it. After long deliberation and reflecting on the previous page image for Ship Tease, I have this to say. Scepticism. Scepticism. Scepticism.

Mako and Korra will start dating, but will break up before the end of Season 1.
Because Bryke are like "You want a waterbender and a firebender to have a steamy romance? Sure. Here you go. One pseudo-Zutara romance. Only it'll end messily, they'll both come to think of their fling as a mistake, and then they'll both end up dating other people."
 * Hey guys, look what I found.
 * That doesn't confirm or Joss anything yet.

Asami and Korra will get together
No reason, really. People are already shipping them, though.

Korra will have vague unacknowledged romantic tension with a morally ambiguous but sympathetic firebender
Which will then be brutally ship-sunk when he turns out to be engaged to his childhood sweetheart, a girl in disguise (not that this would bother some of the fandom), secretly her half-brother, or otherwise unsuitable. Because Bryke like trolling the shippers just that much.
 * Heck, they've already started shipping Makorra. After mercilessly Ship Tease, I'm willing to bet that the ship will sink like a stone.

Tahno will fall in love with Korra
Causing even more shipping confusion and wars.
 * A sequel to "Schooltime Shipping" will have SO much fun with this just like with Katara, possibly parrodying 90210 or any given teen drama on The CW.

Asami is going to find out about Korra kissing Mako at the worst possible time with the group
Similar to the orignal series having high tension when looking for Appa in the desert and being chased for days by Azula in the tank, just when the Krew and especially between Korra and Asami are being at an especially buddy-buddy at the beginning of an ep, something involving the Equalists wearing them out has a moment where either Korra (in frustration) or Bolin (bad-timing with a comparison) accidentally blabs about the kiss with Asami giving a "I thought we were friends/you love me?!" with Mako giving a quiet shame face before admitting it. Asami is especially frustrated that she sided with them against  even though she's still down for the cause, but things a talk with Tenzin about The Power of Love, forgiveness and/or his own Love Triangle with Pema and Lin and/or Korra explaining about how sheltered life has affected her interactions with people especially romance that Asami can relate to. Things are better for it with the girls being more sisterly and even joking about "keeping an eye out for any more girls Mako could fall for."
 * Alternately, she realizes that Korra's kept her distance (following a "If you love them, set them free" philosophy), and opts to do the same, letting Mako decide.

Asami knows that Korra is in love with Mako.
Just so you know, I'm Makorra endgame, I think they're soulmates. HOWEVER, I am also a fair judge and hold no grudge against Asami.

Now, on to the theory: Asami is not stupid and Korra is not subtle.

Asami mentions upon meeting Korra that Mako has told her a lot about her. This probably includes how eager Korra was to befriend and impress him when they first met, which is in sharp contrast to how cold Asami must have noticed Korra was to her when the two girls met. Asami is a very pretty girl and I doubt Mako is her first boyfriend, so she probably knows jealousy when she sees it. Korra is shown to display clear jealousy whenever Mako and Asami get overly cute, which I am sure Asami catches from time to time, as Korra seems to look out more for Mako than Asami.

After Asami went to Mako after Korra asked him out, Korra was visibly depressed at his rejection and I seriously doubt Asami is thick enough to miss something as apparent as that. Asami seems like a good enough person to be concerned and inquire about Korra's mood and Mako probably told her. If this is true, Asami is probably mature enough to understand and accept that with a guy like Mako, of course he'd get attention from other girls. There's no evidence that Asami knows about Korra and Mako's kiss, but that doesn’t seem like the kind of thing Mako would keep from her.

The biggest hint for me is when Asami congratulated Korra on her hat-trick and Korra spoke warmly to her for the first time. If you look at Asami's face, she seems a bit forlorn. Perhaps she feels guilty or that it is unfair that Korra should be forced to admit that Asami helped them because of her father's funding. After the finals (or at least what was supposed to be the finals), Asami seemed eager to try and befriend Korra, maybe in the hopes that things wouldn't be so awkward if they all became friends. Although it appears to have ultimately worked, both girls still hold these secrets from each other (Korra that she is in love with Asami's boyfriend, and Asami that she knows).

I would like to think that if and when Mako and Asami split up for whatever reason, that they can remain friends and that Asami moves on. I like to think that she would eventually become a Shipper on Deck for Mako and Korra and give Korra better advice than jumping into volcanos or brewing freaky little Ikki-imagined love potions.

If she didn't already know, she does as of Episode 8.
 * Seeing as she eyed Mako opening the car door for Korra, this may come up later, but for now things seem to be put aside while . Asami will probably confront Korra about it after things have calmed down.
 * Or Asami and Mako will have a talk while  Not much else to do other than waiting it out.

Asami will continue to grow jealous of Mako and Korra's friendship.
And this will put stress on both her friendship with Korra and her relationship with Mako. Now technically living together, Mako and Korra will begin to grow closer as they spend time together and Asami will get jealous when she sees romantic undertones in their interactions. Just for the sake of it, these interactions will include the classic 'stand behind them to help them' tactic. I can see it happening.
 * And one of these moments will happen when Korra is reunited with Asami and the guys, which is sure to be an emotional affair. Asami will probably have a GEM moment when Korra and Mako are particularly happy to see each other.
 * And another Sleep Cute moment.

Bolin will meet his real love interest
He's already in there after the events of Episode 8, and where else is he going to have the relative down-time to run into a romantic interest (outside of Korra). They could meet as Bolin helping protect said love-interest from being harassed by the guards. This would be especially interesting if the love interest had significant Equalist sentiments, leading to more defactors from the Equalist movement, as well as people (bender and non-bender alike) realizing that they are all in this together.

Korra will be the first to call out Mako on his behavior.
Upon realizing that Mako's feelings for are getting in the way of his relationship with Asami, she'll call him out on putting Asami through that, then make it clear to Asami that while she is jealous and once did something she's not proud of because of it, she has no intention of stealing her boyfriend.

Mako will end the series single.
Asami and Korra come to the conclusion that Mako shouldn't be making moves on them both at the same time, then abandon ship.
 * I believe this will happen too. And here's how. By the end, Korra will go through a massive personality change after everything she went through; she'll be come serious and jaded, and will believe she cannot be in a relationship. She will tell Mako it is off, and that he can finaly be happy with Asami...only for Asami to dump Mako for the secret Korra relationship. Both ships sunk, The End.