I wrote this post in my native language, then asked to AI to translate but the post is totally human lol.
Premise: In this movie, dialogues are sporadic and rich in meaning. Nolan leaves nothing to chance, and every line has a purpose—particularly the phrases spoken by Neil, who was instructed to let the young Protagonist do his thing for the simple fact that it worked ("what's happened, happened").
After the end of the film, the Protagonist spends fifteen years with Max (who is Neil) and Kat. In addition to the clues already mentioned, Neil drops not one, but two lines that make it clear he knows, but cannot be explicit because doing so would risk compromising the plan.
- At their first meeting in Mumbai, Neil asks if he would ever take a woman or a child hostage. This question refers to the fact that Neil believes the future Protagonist, to safeguard the project, allowed a child and his wife to be held hostage by Sator without doing anything to stop it, because Sator himself was part of Tenet's plan. In my opinion, this question from Neil is the result of a journey of personal growth that took place during his recruitment by the Protagonist.
- With a certain arrogance near the end of the film, Neil challenges the Protagonist by asking if he is "absolutely sure he won't even look at Kat from a distance," because he knows that the Protagonist will eventually spend a good portion of his life with them.
Beyond these two phrases, Neil is clearly instructed to intervene only if the plan is compromised (for instance, when the young Protagonist tries to unmask the inverted future Protagonist); otherwise, he must have total faith in the Protagonist. However, his determination to save Kat when she is shot by the inverted bullet could be partly because he is saving his mother, and partly because he knows he grew up with her: Neil knows that the young Protagonist's instinct to save Kat is correct because he knows he grew up with his mother, meaning she was indeed saved—which is also why he is fairly relaxed about Kat's recovery.
With these points cleared up, one of the main criticisms of the Max = Neil theory is the duration of the inversion required for him to be at the Opera; however, this applies not just to Neil, but to anyone. If TENET is founded in the future, then anyone recruited by the Protagonist in the future would have to travel back many years. Now, it makes perfect sense for the Protagonist—who has no private life and no friends—to invest in young Max (especially since Neil knows so much, meaning the future Protagonist's trust in him is absolute). Therefore, he would start recruiting and training him immediately, parallel to his academic life until Neil turns 25 (a total of about 15 years) and earns his degree in physics.
They spend part of this time together, while during the other part Neil studies and the Protagonist organizes the logistics for a 15-year inversion (Neil will be 40, the Protagonist 65-70) to continue training while inverted in order to return to the period before the movie's opening scene. On this point, I would like to note that living in inversion does not necessarily have to be a titanic effort like the highway chase. If well-organized, they could easily spend 15 years in a room doing nothing and without needing masks (as we see, for example, when they take Kat back to the freeport or on the ship). They could very well "waste" 30 minutes a day to perform daily activities by re-inverting themselves (eating, personal needs, acting as a sort of half-hour of daily privacy) and then meet at the turnstile to spend the next 24 hours inverted, training in the room or something similar.
Thus, not only Neil but also the Protagonist travel back about fifteen years. At that point, an older version of the Protagonist remains in that timeline to execute the plan flawlessly (for example, it is much easier to call Priya than to communicate between the past and the future). In my opinion, this is precisely why the Protagonist gained the upper hand: he had the courage and the ambition to travel back in time two decades to orchestrate everything in real-time and beat the antagonists to the punch.
During the first meeting with Neil in Mumbai, Neil is not surprised to find himself in front of the Protagonist because he was trained to follow him, but he stands frozen for a few seconds, thinking: "I left you just a short while ago as a seventy-year-old, so this is what you looked like when you were young." In all of this, Sator unknowingly plays exactly into the future Protagonist's hands (who is never shown to us but is also present in that timeline) and retrieves the algorithm precisely thanks to the young Protagonist (as Priya confirms to us). The Protagonist is willing to leave young Max and Kat hostage to ensure Sator acts as a pawn so the plan works, just as Neil hints at during their first meeting in Mumbai.